Post Office Recurring Deposit Scheme (5-Year Post Office Recurring Deposit Account) is getting 5.8% annual interest. Let us tell you, in this scheme the compound interest is calculated on a quarterly basis.

The maturity of Post Office Recurring Deposit ie PORD is after five years. After this it can be extended once for another 5 years. Meaning you can run it for 10 years. Today we will tell you that if you start a monthly investment of Rs 10,000 in PORD, then how much money you will get on maturity, as well as the other benefits available on this scheme. Let me tell you, there is no risk on deposits in the post office, here your money is completely safe.

This is how calculation is done on Post Office RD

According to the information available on the post office website, one can start investing in Recurring Deposit (RD) from Rs 100 in the post office . Also, there is no limit of maximum investment in it. In this scheme, you get an annual interest of 5.8%.

How much money will be received from 10 thousand rupees

If you deposit Rs 10,000 every month, then after 5 years you will have a guaranteed fund of Rs 6,96,968 and also earn Rs 96,968 from interest. In this amount, 6 lakh rupees are for your investment.

How much fund will be received in 10 years

If you extend the Post Office RD scheme once after 5 years for another 5 years, then you will get a guaranteed return of Rs 16,26,476. In this, Rs 12 lakh will be your investment. Whereas, Rs 4,26,476 will be earned from interest.

Can take loan on deposit

Let us tell you, you can also take a loan on RD account in the post office. There is a rule for this that after depositing 12 installments, you can take a loan up to 50% on the deposit. You can repay the loan in one go or in installments. The loan interest rate will be 2% higher than the interest on RD. Also, you can pre-mature closure of this scheme after 3 years.

The post Post Office RD Account: Deposit 10 thousand rupees every month, after 5 years you will get Rs 6,96,968 first appeared on Rightsofemployees.com.

Various schemes are run in the post office from ordinary citizens to senior citizens. In such a situation, all the schemes are such that they mature in 5 years. If you want to withdraw money before their maturity, then you will have to bear some loss in the form of penalty. Know about these schemes here.

Post Office MIS

In Post Office MIS i.e. Monthly Income Scheme, you have to deposit a lump sum amount for 5 years. Through this, you can get a fixed amount every month for 5 years as income. After 5 years you get your money back. But if you need money before 5 years then you have to pay penalty. If you withdraw money between one year to three years, then 2% of the deposit amount will be deducted and returned. On the other hand, if the account is more than three years old but you want to withdraw money before 5 years, then after deducting 1% from the deposited amount, the deposit amount is returned to you.

Senior Citizen Saving Scheme

In this post office scheme also you have to invest for 5 years. The deposit matures after 5 years from the date of opening the account. But if you have to withdraw money from it before five years, then penalty has to be paid. In this, 1.5% of the deposit amount is deducted for withdrawing money before completion of 2 years and 1% of the deposit amount is deducted as penalty for withdrawing money after 2 years.

Post Office Recurring Deposit Account

The recurring deposit account of the post office is also for 5 years. Investors of Recurring Deposit Account get the facility of withdrawal after 3 years. On premature withdrawal, you will get the benefit of the rate of interest as per the savings account only.

Kisan Vikas Patra

This scheme, which doubles the investment in 124 months, has a lock-in period of 30 months. In this scheme, if you withdraw money before 1 year, then you will not get any interest on it. According to the scheme, the investor will also have to pay a penalty for withdrawing money. Interest will be earned on withdrawing money between 1 year to 2.5 years, but the amount will be reduced. After 2.5 years, if the KVP is broken and the money is withdrawn, then no penalty will be imposed and the return will be given according to the interest rate prevailing at that time.

Public Provident Fund

This scheme is of 15 years, but the lock in period is of 5 years. But if after 5 years you can withdraw money with certain conditions and close the account. But 1% interest is deducted from the date of account opening till the date of closure.

The post Post Office Withdrawal Rules: Big change in the rule of premature withdrawal in these top 5 post office schemes first appeared on Rightsofemployees.com.

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.

The post Post Office Powerful Plan: Good news! ₹ 5,000 monthly investment will get guaranteed ₹ 3.5 lakh in 5 years, know the specialty first appeared on Rightsofemployees.com.