Sign in
  • Home
  • FINANCE
  • SALARY
  • TAX
  • EPF
  • JOB
  • Contact US
  • About us
Sign in
Welcome!Log into your account
Forgot your password?
Password recovery
Recover your password
Search
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
Rightsofemployees.com
  • Home
  • FINANCE
  • SALARY
  • TAX
  • EPF
  • JOB
  • Contact US
  • About us
Home FINANCE Post Office RD: You can avail loan against Post Office RD also,...
  • FINANCE

Post Office RD: You can avail loan against Post Office RD also, know what are its rules?

By
Pravesh Maurya
-
September 15, 2023
0
399
Facebook
Twitter
Pinterest
WhatsApp
Telegram

    Post Office RD: Like FD, RD is also considered a better means of investment. In FD you have to deposit a lump sum amount, whereas in RD you have to pay a fixed amount monthly for a fixed period of time, on maturity you get the RD money along with interest.

    You get the facility of RD i.e. Recurring Deposit Account-RD scheme at both post office and bank. In the bank, you can start it for 1, 2, 3 or 5 years, but if you start the RD scheme in the post office, then you will have to deposit the amount continuously for 5 years.

    However, you get very good interest in Post Office RD. At present interest is being given at the rate of 6.5%. Apart from this, one of its advantages is that in difficult times, you can withdraw some amount from the money deposited in RD as a loan. However, people are not aware of the loan facility against RD. Let us tell you about it.

    Loan rules against post office RD

    If you deposit 12 consecutive installments in the five-year recurring deposit scheme of the post office, then you get the loan facility. That means, to avail this facility, you will have to deposit the amount continuously for at least one year. After one year, you can take a loan up to 50 percent of the amount deposited in your account. You can pay the loan amount in lump sum or in equal monthly installments.

    How much interest will have to be paid

    Interest on the loan amount will be applicable at 2% + RD interest rate applicable on RD account. Interest will be calculated from the date of withdrawal to the date of repayment. If you do not repay the loan on time after taking it, then when the RD matures, the loan amount along with interest will be deducted from it. To avail the facility of loan against RD, you have to fill the application form along with the passbook and submit it to the post office.

    Benefits of Post Office RD

    • Post Office RD can be opened with Rs 100, this is an amount which anyone can easily save. There is no maximum investment limit in this.
    • You get the benefit of compounding interest on Post Office RD. Interest is calculated every quarter. In such a situation, you get a good profit in the form of interest in 5 years.
    • A person can open any number of accounts 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 also.
    • The maturity of 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.

    • TAGS
    • FD
    • fixed amount
    • loan
    • Post Office RD
    • RD
    • Recurring Deposit Account
    Facebook
    Twitter
    Pinterest
    WhatsApp
    Telegram
      Previous articleEmployees Job Cut: Big news! This company has fired hundreds of employees from its global recruitment team
      Next articleEmergency Alert! Government of India sent Emergency Alert message to your phone, know the meaning before OKing it.
      Pravesh Maurya
      https://www.rightsofemployees.com/
      Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @[email protected]

      Related ArticlesMore From Author

      FINANCE

      RBI New guideline! Reserve Bank issued statement, now work with customers like this

      FINANCE

      Higher Interest: Good news for senior citizens, these banks are giving more interest than SCSS

      FINANCE

      New Update! RBI has fixed the date for this work, do this work immediately, otherwise…

      Recent Posts

      • RBI New guideline! Reserve Bank issued statement, now work with customers like this
      • Higher Interest: Good news for senior citizens, these banks are giving more interest than SCSS
      • New Update! RBI has fixed the date for this work, do this work immediately, otherwise…
      • Visa cardholders will get free lounge service in case of flight delay at any airport in Asia
      • Small Saving Scheme: It is mandatory to submit PAN and Aadhaar by 30th September, but these people are exempted

      Read More

      RBI New guideline! Reserve Bank issued statement, now work with customers...

      September 22, 2023

      Higher Interest: Good news for senior citizens, these banks are giving...

      September 22, 2023

      New Update! RBI has fixed the date for this work, do...

      September 22, 2023

      Visa cardholders will get free lounge service in case of flight...

      September 22, 2023
      Income Tax

      Small Saving Scheme: It is mandatory to submit PAN and Aadhaar...

      September 22, 2023

      EDITOR PICKS

      RBI New guideline! Reserve Bank issued statement, now work with customers...

      September 22, 2023

      Higher Interest: Good news for senior citizens, these banks are giving...

      September 22, 2023

      New Update! RBI has fixed the date for this work, do...

      September 22, 2023

      POPULAR POSTS

      Non Taxable income: No tax is imposed on these 5 types...

      September 15, 2023
      RBI Big

      RBI issued new rules! Reserve Bank has issued new guidelines regarding...

      September 11, 2023
      DA Increased

      DA Hiked: Good News: Dearness allowance of these central employees will...

      September 11, 2023

      POPULAR CATEGORY

      • FINANCE7424
      • TAX534
      • EPF500
      • PF119
      • JOB98
      • PROVIDENT FUND75
      • Labour Law45
      • SALARY37
      ABOUT US
      Rightsofemployees.com delivers the most comprehensive source of free-to-access Govt. updates, analysis and insights. We publish articles every day.
      Contact us: [email protected]
      • Home
      • About us
      • Authors and Team
      • Contact US
      • Cookie Policy
      • Correction policy
      • Disclaimer
      • DNPA Code of Ethics
      • Fact-Checking Policy
      • Onwership and Funding
      • Privacy Policy
      • Terms of Service
      • Complaint Redressal
      © Copyright 2023 - Rightsofemployees.com Izon web Pvt. Ltd. All Rights Reserved.