In this scheme, the investor gets 6.7 percent annual interest, which is compounded on a quarterly basis. The account can be started with a minimum deposit of ₹ 100 every month and there is no maximum investment limit in it. With government guarantee and fixed returns, this scheme is becoming popular among small investors.

What is Post Office RD?

Post Office’s 5-year Recurring Deposit – RD scheme is a safe investment option, in which you can make a good saving by depositing a small amount every month. This scheme is considered especially beneficial for small investors.

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Interest rates and deposit amounts

• Interest Rate : 6.7% per annum (quarterly compounding) – Applicable from 1st January 2024
• Minimum Monthly Deposit : ₹100 (in multiples of ₹10)
• Maximum Limit : No Upper Limit

Who can open an account?

• Any adult person
• Joint account (maximum 3 adults)
• Guardian for a minor or mentally incompetent person
• Child of age 10 years and above in his/her own name – One person can also open multiple accounts

How is interest calculated

A special formula is used to calculate compound interest on Post Office Recurring Deposit (RD).

Formula to calculate interest on RD

M = R × {(1 + i)ⁿ – 1} / (1 – (1 + i)^(-1/3))

In this formula:

M = Total amount received on maturity

R = Amount to be deposited every month (monthly installment)

n = Total deposit period (in months)

i = Interest rate / 400 (since interest is compounded quarterly, 12 months is divided into 4 quarters)

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How much fund will you get in 5 years from ₹10,000 monthly deposit? See calculation

If a person deposits ₹10,000 every month in the Post Office RD scheme, then the total deposit amount in 5 years i.e. 60 months will be ₹6 lakh. With an annual interest rate of 6.7% (on a quarterly compounding basis), this amount will fetch an interest of around ₹1,13,659. That is, a total amount of ₹7,13,659 will be received on maturity.

To understand this calculation, see below:

• Monthly Deposit : ₹10,000
• Total Deposit Tenure : 5 Years (60 Months)
• Total Investment : ₹6,00,000
• Interest received : ₹1,13,659
• Maturity Amount : ₹7,13,659

Rules for depositing money

• Account can be opened by cash or cheque
• If the account is opened between 1st to 15th, then installment has to be deposited by 15th of every month
• If the account is opened between 16th and end of the month, then deposit has to be made by last working day of every month

What happens in case of default?

• A penalty of ₹1 will be charged for every defaulted month for every ₹100 installment
• If installments are not deposited for 4 consecutive months, the account will be discontinued
• The account can be reactivated within 2 months
• If the defaults are less than 4, the account can be kept active for an extended period of time and outstanding installments can be deposited

Facility to deposit advance in one go

• If the account is not closed, you can pay installments for up to 5 years at a time
• On monthly deposit of ₹100
  • ₹10 discount on 6 months advance deposit
  • ₹40 discount on 12 month deposits
• This deposit can be made at the time of opening the account or at any time thereafter
  

Loan facility

• If 12 installments have been deposited in the account and the account is regular, then
  • You can avail loan up to 50% of the total deposit amount
  • Interest on loan: RD interest rate + 2%
  • The loan can be repaid in lump sum or in monthly installments
  • If the loan is not repaid on time, the loan amount and interest will be deducted from the maturity amount

Rules for closing the account before time

• The account can be closed after completion of 3 years
• But if the account is closed before maturity, only the Post Office Savings Account interest rate will be applicable
• Account cannot be closed before the advance deposit period

Facility of maturity and extension

• The account is for a tenure of 5 years (60 months)
• It can be extended for another 5 years
• Account can be closed any time during the extension
  • Interest at RD rate for full year
  • Interest at savings account rate for incomplete year
• After maturity, the account can be maintained for 5 years without depositing any amount
  

On the death of the account holder

• The nominee or legal heir can receive the amount by submitting the claim form at the post office
• They can also continue the account for the original period if they wish

Why is this plan beneficial for you?

If you want to save ₹100 or more every month and earn safe returns, then this scheme is ideal for you. This is a government scheme in which the interest is fixed, there is loan facility and the risk is very low.

The post Post Office RD Scheme: ₹10,000 monthly deposit will create a guaranteed fund of ₹7 lakh in 5 years first appeared on Rightsofemployees.com.

The RD scheme of the post office is very popular in the country. To get financial stability and secure your future at the financial level, it is important to invest your savings in the right place. Investment made in a good place can give you a good return in a short time. Nowadays people are investing their money in many places like stock market, mutual funds, real estate, gold etc. However, many people avoid investing their savings in a place where there is a risk of market risks.

In this episode, today we are going to tell you about a very great investment scheme of the post office, where you are getting a good return. This is the Recurring Deposit Scheme of the post office. The RD scheme of the post office is very popular in the country. Let’s know about it in detail –

By investing in the RD scheme of the post office, you are currently getting an interest rate of 6.7 percent. Investment in this scheme can be started from Rs 100. At the same time, the maximum investment limit has not been fixed. Your money invested in this scheme of the post office matures in 5 years.

If you open an account in the Post Office RD scheme and invest Rs 5,000 every month, then you will be able to deposit a total of Rs 3 lakh in the scheme till the maturity period of 5 years.

If you calculate the interest rate of 6.7 percent under this scheme, then after five years, at the time of maturity, you will have a total fund of Rs 3,56,830. If you invest more for the next five years, you will deposit a total of Rs 6 lakh and the maturity value of the fund will be around Rs 8,54,272.

The process of opening an account in the Post Office Recurring Deposit Scheme is quite easy. You will not have to face any kind of problems in this. You can easily open your account in the scheme by visiting your nearest post office.

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The post Post Office’s great scheme, You can earn lakhs by investing Rs 5,000 every month first appeared on Rightsofemployees.com.

Today we are going to tell you about a very great scheme of the post office, where you can collect lakhs of rupees by investing just five thousand rupees. This is the Post Office Recurring Deposit Scheme. This scheme of the post office is quite popular in the country.

By investing in this scheme, you do not have to face the dangers of any kind of market risks. At present, you are getting an interest rate of 6.7 percent by investing in the Post Office Recurring Deposit Scheme. In this scheme, you will not have to face the dangers of any kind of market risks. In this episode, let us know about this scheme in detail –

You can easily open your account in the Recurring Deposit Scheme by visiting your nearest post office. You can start investing in this scheme from Rs 100. The maximum investment limit has not been fixed in this scheme.

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In this scheme of the post office, you also get the facility of pre-mature closure. If you also want to invest five thousand rupees and collect funds worth lakhs, then for this, after opening an account in the RD scheme of the post office, you have to invest five thousand rupees every month.

You have to invest this amount of Rs 5000 per month for the entire five years. In this case, you will invest a total of Rs 3 lakh. If we calculate it on the basis of the current interest rate of 6.7 percent, then at the time of maturity, you will get a total of Rs 56,830 as interest.

After this, if you continue the investment for another five years, then the total amount deposited by you will be Rs 6 lakh. At the same time, you will get a total interest of Rs 2,54,272 on your investment. In this way, after ten years, you will have a total of Rs 8,54,272.

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The post Post Office’s great scheme, you can become a millionaire by investing just five thousand rupees first appeared on Rightsofemployees.com.

The name of this scheme of the post office is Recurring Deposit Scheme. You get many great benefits by investing in this scheme. The most important thing is that your money invested in this scheme is completely safe. By investing in it, you will not have to face the dangers of any kind of market risks. In the Recurring Deposit Scheme of the Post Office, you do not have to invest a lump sum amount. In this scheme, you have to invest a fixed amount every month and you get a return on it. In this episode, let us know about this scheme in detail –

Investing in the Post Office Recurring Deposit Scheme currently offers an interest rate of 6.7 percent. You can invest in the Post Office RD Scheme for 5 years. However, you can extend this scheme for another five years.

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You can invest a minimum of Rs 100 in this post office scheme. However, the maximum investment amount limit has not been fixed. In this scheme, you get the benefit of compounding interest.

If you invest Rs 7,000 every month in the Post Office RD scheme, then you will be able to invest a total of Rs 4,20,000 in five years. If we calculate on the basis of the current interest rate of 6.7, then you will get around Rs 79,564 as interest on your investment in five years. In this way, you will have collected around Rs 4,99,564 after five years.

After this, if you extend the RD scheme for another five years, in this situation you can collect a fund of about Rs 12 lakh. Apart from a single account, you can also open a joint account of three people in this post office scheme.

The post Post Office RD Scheme: By investing just 7,000 rupees you can collect 12 lakhs in a few years first appeared on Rightsofemployees.com.

Post Office RD Scheme

We are talking about the RD scheme of the post office. Many people have deposited lakhs of rupees in this recurring deposit scheme. In today’s time, this is the best option to get good returns. In this RD scheme, you can open an account for 5 years. Let us know how much interest is being given in this scheme….

Now you will get this much interest

Now talking about the interest rate of this post office RD, it is getting 6.7 percent annual interest. Earlier, 6.50 percent interest was available on 5-year RD account. In such a situation, the government had increased this post office scheme by 20 basis points. This increase was done in the middle of December 2023.

Also Read: Fixed deposits: Top 6 banks offer highest interest rates on their 5-year FDs

You will get this much on depositing Rs 4,000

As you know, in this scheme, you have to deposit some money every month, and after 5 years you get a lump sum amount on maturity. If you open an account in RD by investing Rs 4,000 every month, then you will invest a total of Rs 2,40,000 in 5 years. At the rate of 6.7 percent interest on this deposit, you will get Rs 2,85,463 on maturity. Out of which Rs 45463 will be earned only from interest.

The interest rate changes every three months

For your information, let us tell you that the interest rates of all small savings schemes are changed by the central government. If you also invest in this recurring deposit (Post Office Scheme), then you can get good returns. TDS is deducted on the interest received on RD. TDS of 10% is applicable on the interest rates received on RD. If the interest on RD for one month is more than Rs 10,000, then TDS will be deducted.

Loan is available on RD

If you need money in between then you can also take a loan on this RD account. You will be given a loan of 50% of the total deposit amount. This will be given to you after 3 years of RD (Post Office Scheme).

The post Post Office RD Scheme: If you deposit ₹4,000, you will get ₹2,85,463 after so many years first appeared on Rightsofemployees.com.

There are many great schemes for investing in post office, in which you can invest money. Today we are going to tell you about one such wonderful scheme of the post office. By investing in this scheme you can become a millionaire very soon.

The name of this wonderful scheme of the post office is Recurring Deposit Scheme (RD) Scheme. By investing in this you can earn Rs 24 lakh in a short time. On maturity, you get the entire money in lump sum. Along with this, if you invest in this policy, then after 12 months, you can also take a loan on it. This is a great scheme of the post office.

You can open an account with just Rs 100.

For small savings, an account can be opened in the post office by making a minimum investment of Rs 100. Along with this, you can deposit money in multiples of Rs 10-10 under the Recurring Deposit Scheme. There is no limit on its maximum investment.

Currently, 5.8 percent annual interest is available on RD in the post office. Apart from this, compounding of interest is done on quarterly basis. If you deposit Rs 15 thousand every month in this scheme and after 5 years extend this account for 5 years, then after 120 months i.e. on maturity you will get Rs 24 lakh 39 thousand 714.

It is also important to know that

the specialty of RD scheme is that one person can open multiple RD accounts. In this, you can open a joint RD account with maximum three people. The facility of opening guardian account is also available for minors. Apart from this, your 12 installments are completed and you get the facility to take loan up to 50 percent of that money.

You can repay the loan in lump sum or in installments. Along with this, you can invest in RD scheme on monthly basis for 5 years. Apart from this, after maturity, it can be extended for further five years if needed.

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If you also have an account in this government bank of the country, then now the bank is giving you full Rs 57,000. Yes… Many facilities are provided by the bank to the customers from time to time. Now you also have a chance to get this money.

If you also get RD done in SBI, then you will get full Rs 57,658 extra. Let us tell you how-

Will get Rs 57,658 RD i.e. Recurring Deposit Scheme is a scheme in which money is deducted from your account every month. For example, suppose you have made an RD of Rs 5,000 per month for 5 years and you are getting interest at the rate of 6.75%, then according to this you will get Rs 57,658 extra on maturity.

You will have to deposit 3 lakh rupees in 5 years, let us tell you that in 5 years, your investment will be 3 lakh rupees according to 5000 rupees every month, but you will get full 3,57,658 lakh rupees on maturity. Out of this Rs 3 lakh will be your investment amount and Rs 57,658 will be the interest amount.

How much benefit are senior citizens getting?

Let us tell you that SBI gives senior citizens the benefit of higher interest than normal customers on recurring deposits. If a senior citizen invests in RD scheme, then he gets the benefit of interest ranging from 6.75 percent to 7.25 percent.

For how many months can I invest?

You can get RD done in SBI from 12 months to 120 months. In this, you can start with a minimum investment of Rs 100. You can also deposit just Rs 1,000 every month in SBI’s recurring deposit scheme. It depends on you how much money you want to deposit every month.

The post SBI Account: Lottery of crores of SBI customers, bank is giving 57,000 rupees to every customer, money will come directly into the account first appeared on Rightsofemployees.com.

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.

Everyone should save to meet future financial needs. Well there are many options to invest money. Many people invest in stock market, mutual funds and some invest in cryptocurrency. There is a lot of risk in all of these. There are many savings schemes for investment in the post office which offer high interest rates and tax exemptions.

Most importantly, it is guaranteed by the Government of India. Today we are telling you about such a scheme of post office in which you can earn big profit with small investment. Post Office Recurring Deposit Scheme (RD) should be invested for good returns. Let’s know about this scheme.

The Safest Investment Investing in the post office not only keeps our money safe, but also gives us good returns. Money never gets lost in Post Office Recurring Deposit Scheme investment. Because this scheme is run under the supervision of the government. A huge fund can be made even by depositing some money in RD account. RD account can be started with a deposit of just Rs.100. At present, 5.8 percent interest is being given on the recurring deposit scheme.

No maximum limit of deposit No maximum limit has been fixed for depositing money in this post office scheme. Recurring Deposit can be done for one year, two years or three years as per your convenience. The most important thing is that interest is given quarterly on the money deposited in this RD. At the end of every quarter, the amount is credited to your account along with compound interest.

Who can open the account Any person above 18 years of age can open an account in Post Office Recurring Deposit Scheme. You can also open a joint account in this. The account of a minor can also be opened on behalf of the guardian. For this, an account can also be opened in the name of a minor above 10 years.

You will get so many lakhs on maturity,

you can earn good profit from this scheme. If you invest 10 thousand rupees every month in this post office scheme for 10 years. So you will get 5.8 percent interest after 10 years. Will get more than 16 lakh rupees on maturity. If you deposit Rs 10,000 every month, then you will get Rs 16,28,963 on maturity of 10 years on getting interest at the rate of 5.8 per cent.

The post Post Office Recurring Deposit-RD: Start investing in this scheme from 100, you will get 16 lakhs on maturity first appeared on Rightsofemployees.com.

For this you will have to pay some money as fine. Let us tell you that Recurring Deposit i.e. RD is considered to be the best way of saving even today. RD can be started anywhere at post office or bank. Post Office Recurring Deposit Scheme has a tenure of 5 years and is one of the most popular schemes. It is like a piggy bank, in which after depositing money continuously for five years, you get your total deposited money back with interest.

At present, the interest rate of 5.8 % per annum is being available on Post Office RD . If you are not able to deposit the installment of Post Office Recurring Deposit due to any reason by the stipulated last date, then penalty at the rate of 1% per month also has to be paid. At the same time, your account can be closed if several consecutive installments are not deposited. If your account has also been closed due to non-payment of installments, then you can apply for its revival, then it can be started again.

In case of resumption, you will have to first deposit the outstanding installments of the previous month along with the penalty. If you do not submit any application within a period of two months, it is closed completely. Whether you have opened the account before the 15th of the month or later, the date of your RD deposit is decided on this basis. If your account is opened by the 15th of any month, then you have to deposit your installments by the 15th in any case.

On the other hand, after opening the account after 15th, you can deposit your installment from 16th of the month till the last date of the month. But penalty can be imposed for non-payment of the installment within the stipulated period.

If you are not able to deposit the installments, then follow this method

If you feel that your financial condition is not a bit good and you may find it difficult to deposit the installments continuously for some time, then you can extend the maturity period of your account even further. But you have to do this work already. If you think of applying this option after not paying the installments for four months, then it will not happen. The extension of maturity period can be extended as much as the number of months you are not able to pay the installment.

Get a discount by depositing the installment in advance

If you want, you can also submit the RD in advance. This option is better for those who want to avoid the hassle of making monthly deposits. But you have to deposit at least six months advance installment. There is a discount of Rs 10 for every 100 on depositing 6 months advance installments and 40 rupees for every 100 on depositing one year’s installment together.

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