Post Office Scheme: Every small savings and regular investment habit creates a substantial fund for you in the long run. There are many investment options in today’s time. If you want to make a bigger fund than regular investments without taking any risk, then post office schemes are very helpful.
Every small savings and regular investment habit creates a substantial fund for you in the long run. There are many investment options in today’s time. There is risk in investing in the market. Apart from this, there are many other options like government schemes, bonds, bank deposit schemes, in which there is no market risk.
If you also want to make your small savings big through regular investment without taking any risk, then Post Office Recurring Deposit Scheme (Post Office 5-Year Post Office Recurring Deposit Account) can prove to be helpful. Right now the government is paying 5.8 percent interest per annum on post office RD. One of its specialty is that there is no risk on deposits in the post office ie post office and your money remains completely safe.
PORD: How to make a guaranteed fund of 3.5 lakhs
According to RD Calculator, if you invest Rs 5,000 in Post Office Recurring Deposit (RD) every month, you will get Rs 3,48,480 on maturity after 5 years. Your investment in this will be Rs 3 lakh and you will get a guaranteed interest of Rs 48,480. You can start investing in Recurring Deposit (RD) from just Rs 100 in the post office. It has the facility that once you have opened an account with Rs.100, you can make further deposits in multiples of Rs.10 each. There is no maximum investment limit in this.
Any number of accounts a person can open in the Post Office Recurring Deposit Scheme. In this, apart from single, joint account can be opened for up to 3 persons. There is a facility to open an account in the name of the child as well. The maturity of post office RD account is 5 years. But, pre-mature closure can be done after 3 years. It also has the facility of nomination. At the same time, after maturity, RD account can be continued for further 5 years.
PORD: Loan will be available on need
Post Office RD is such a scheme, through which you can also take a loan on the basis of your deposit if needed. The rule of the post office says that after depositing 12 installments, a loan can be taken up to 50 percent of the amount deposited in the account. The loan can be repaid in lump sum or in installments. The interest rate of the loan will be 2% more than the interest on RD.
