In this, customers can get huge amount by investing money. Post Office Recurring Deposit (Post Office RD 2023) scheme is a Small Savings Scheme. A little investment has to be made daily in this. You can start this scheme with a minimum investment of Rs 100. After this, after a fixed time, you will get a fat return.

In this scheme, a person below the age of 18 years can also open an account. Its maturity period is 5 years. Although it can be extended for 5-5 years. Wherein RD facility can be availed for 6 months, 1, 2, 3 years etc. Post Office’s Recurring Deposit (Post Office RD 2023) scheme currently offers interest at 6.2​ % per cent.

Important documents of Post Office RD 2023

• Identity proof like PAN Card, Voter ID Card, Aadhaar Card, Driving License, Passport.
• Ration card, electricity bill, PAN card and driving license for proof of address.
• Facilities available in Post Office RD 2023
• In this the account can be extended for 5 years.
• After 1 year, 50% of the investment can be taken as a loan.

Late deposit of money in Post Office RD 2023 will attract penalty

If there is a delay in depositing the installment, then late fee will have to be paid. Late fee will be charged at Re 1 per Rs 100. Now if you deposit Rs 5000 every month, then you will have to pay a late fee of Rs 50 on this. That is, next month you will have to deposit Rs.5050. On the other hand, if you fail to deposit the installment for 4 consecutive times, then you can restart the account within two months.

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Failure to do so may result in financial loss to you. Actually, as soon as the month of March starts, the deadline of many financial works comes closer. If you are a PPF account holder and have not deposited money in the account at one go in this financial year, then settle this work today itself. Failure to do so will result in your account being deactivated.

How much investment is required

Under the Public Provident Fund Scheme, every account holder is allowed to invest from Rs 500 to a maximum of Rs 1.5 lakh in a year. You can claim the money deposited in this scheme for tax exemption under section 80C of Income Tax. If you have not invested even a single rupee in this scheme in the whole year, then do this work today itself.

Otherwise after 31st March your account will be deactivated. To activate it again, you will have to pay a fine of Rs 50 per year. You can activate this account up to 15 days before maturity. After the maturity of the account it cannot be activated.

This much interest rate is available in PPF account-

Public Provident Fund is a small savings scheme run by the government, in which you can invest for 15 years and get a hefty fund on maturity. Every citizen of the country can invest in this. Investments can be made in this account for 15 years. After maturity, you can extend your investment limit for 5 years. On investing in this account, the account holders get an interest rate of 7.1 per cent.

Loan is available against the amount deposited in PPF account

Account holder loan facility is also available against the amount deposited in PPF account. After investing in PPF for three consecutive years, you can get up to 75 percent of the total amount deposited in the account as a loan. At the same time, after investing in the account continuously for 6 years, the facility of partial withdrawal is available.

Withdrawal from PPF account before maturity can be done only on the condition that you need money in emergency. You can withdraw from the PPF account for the treatment of your family or your own illness, children’s education and marriage expenses.

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Today we are going to tell you about such a great scheme. National Savings Certificate or NSC is a popular option. As a low-risk investment, it comes with many advantages. National Savings Certificate (NSC) is a fixed income investment scheme that you can open at any post office branch. This scheme is an initiative of the Government of India.

National Savings Certificate

It is a savings bond that encourages customers to invest mainly in small to middle income investors and those who are eligible for income tax exemption. Anyone looking for a safe investment avenue to earn steady interest while saving on tax can invest in NSC. NSC offers guaranteed interest and complete capital protection.

Tax Benefit

However, like most fixed income schemes, they cannot provide inflation-beating returns like tax benefit mutual funds and the National Pension System. The government has made NSC easily accessible to potential investors by making them available at post office branches spread across the country. National Savings Certificate (NSC) NSC is a medium term savings scheme with a maturity period of 5 years.

Interest

The scheme currently offers an annual interest rate of 7 percent compounded half-yearly but is payable at maturity. Unlike PPF, it does not limit the maximum investment as there is no limit on the maximum investment. Although the minimum investment in this scheme is 1000 rupees.

The minimum investment amount can be increased with denominations of Rs.100. There is no limit on the number of accounts opened under this scheme. The deposit amount is eligible for tax exemption under section 80C of the Income Tax Act, 1961.

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At the same time, many schemes are being offered by the government with the intention of attracting people to invest for the long term. One of these schemes is also Public Provident Fund (PPF). Through PPF, people get a chance to save and invest for a long time.

Interest Rate

Under the PPF scheme, an investor can make a minimum investment of Rs 500 in a year. At the same time, a maximum investment of Rs 1.5 lakh can be made in this scheme in a year. At present, 7.1 percent interest is being given by the government in this scheme.

PPF Tenure People are encouraged to invest in this scheme of the government for a long period. Investment can be made in this scheme for a tenure of 15 years. On the other hand, if the investment is to be continued even after 15 years, then according to 5-5 years it can be extended even further. Talking about the maturity amount, it depends on the investment.

PPF Aadhaar Linking At the same time, it is very important to do one thing in the Public Provident Fund (PPF) and it should be done immediately, otherwise even years of hard work can turn water. Actually, PPF account should also be linked with Aadhaar card. Many tasks will become easier when PPF account is linked to Aadhaar card.

Link Aadhaar Card with PPF

• First login to your internet banking account.
• After this choose Registration of Aadhaar Number in Internet Banking.
• After this enter the 12 digit Aadhaar number and click on Confirm.
• After this, choose your PPF account, which you want to link with Aadhaar card.
• After this click on Inquiry and check whether your Aadhaar card is linked to PPF account or not.

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In Kisan Vikas Patra, investors get the facility of interest at the rate of 6.9 percent. If you invest in this scheme, then your amount will double in 124 months i.e. 10 years and 4 months.

If you talk about the minimum investment, then you can start with 1000 rupees in this scheme. At the same time, there is no limit on the maximum investment.

You can buy it in multiples of Rs 100. In this scheme, you can buy certificates up to Rs 1000, 2000, 5000, 10000 and 50000. You can buy this certificate from the post office.

If you invest Rs 5 lakh in this scheme as of today, then you will get the benefit of compound interest at the rate of 6.9 per cent per annum, after which your deposit will double in 124 months.

Talking about investing in this scheme, any adult can buy this certificate. Apart from this, a maximum of three adults can invest in a joint account. A minor above the age of 10 years can buy this certificate.

To open this account, you have to go to the post office. Here you need your identity card like Aadhar card, PAN card, Voter ID card, Driving license and Passport. You can open the account single or jointly according to your need.

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MIS Calculator: Rs 13,200 per year

According to the MIS calculator, if a person opens this account with a lump sum deposit of Rs 2 lakh, then he will have an income of Rs 13,200 annually for the next five years after maturity. That is, every month you will get Rs 1,100. In this way, you will get total interest of Rs.66,000 in five years. At present, 6.6% annual interest is being paid on the MIS of the Post Office.

Account can be opened with Rs 1000

The account can be opened with a minimum investment of Rs 1,000 in the POMIS scheme. Both single and joint account can be opened. You can invest a maximum of Rs 4.5 lakh in a single account and up to Rs 9 lakh in a joint account. Interest is paid every month in MIS. Any Indian citizen can invest in the Post Office Monthly Income Scheme.

It may have premature closure. However, you can withdraw money only after completion of one year from the date of deposit. According to the rules, if the money is withdrawn between one year to three years, then 2% of the deposit amount will be refunded. If you withdraw money at any time before maturity after 3 years of account opening, then 1% of your deposit will be refunded after deducting it.

POMIS: Know these rules also 

• In MIS, two or three people together can also open a joint account. The income received in exchange for this account is given equally to every member.
• You can convert a joint account to a single account at any time. Single account can also be converted into joint account.
• You can also transfer MIS account from one post office to another post office. 
• On maturity i.e. completion of five years, it can be extended for a further 5-5 years. 
• Nomination facility is available in MIS account. This scheme money is completely safe.

POMIS: How to open account

To open an MIS account, you must have aadhar card or passport or voter card or driving license for ID proof. You have to provide 2 passport size photographs. For address proof, ID card or utility bill issued by the government will be valid.

By taking this document, you will have to go to the post office and fill the form of the Post Office Monthly Income Scheme. You can also download it online. Along with filling the form, the name of the nominee will also have to be given. To open this account, initially 1000 rupees have to be deposited through cash or cheque.

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