Post Office Recurring Deposit: Savings is a very important part of anyone’s life. If you have money deposited. So in times of need, you do not need to extend your hand to others. Because when difficult times come in life, your relatives and friends may not be of any help to you. But if you have savings. So that can definitely be useful. That is why different people invest money in different places.
So that we can save for the future. Someone invests in mutual funds. So someone invests money in the share market, someone deposits money in bank FD. Someone deposits money in a government savings scheme. If you are also looking for an option regarding savings. So this scheme of post office can be very useful for you. By investing in this you can deposit up to Rs 10 lakh in this time.
Invest in Post Office RD Scheme
Many people invest in post office savings. If you are also looking for a means to invest. Then the Post Office Recurring Deposit Scheme can be very useful for you. At present you are getting 6.7% interest on investment in post office recurring deposits. If you deposit Rs 7 thousand every month in this scheme.
Then you can deposit Rs 4,20,000 in 5 years. Whereas if we calculate the interest amount in 5 years at the interest rate of 6.7%, then it would be Rs 79,564 i.e. total Rs 4,99,564. But at the same time you extend the plan for another five years. Then you can deposit around Rs 10 lakh.
How to open an account in the scheme?
To open an account in Post Office Recurring Deposit Scheme, you will first have to go to your nearest post office. There you will get the necessary documents which will include documents like application form, passport size photo, address proof, PAN card. After filling the application form, give your application form to the post office employee along with all these documents. After this your recurring deposit account will be opened in the post office. In which you will have to pay installment every month. You will have to deposit the first installment through cash or cheque.