If you want to invest your money without any risk, then Post Office is the best option for you. The best thing about all the Post Office schemes is that your money or investment is safe and so are the returns. Today we will tell you about a scheme that requires an investment of just Rs. 100.
Here’s one scheme in which the risk is very low and the returns are high. We are talking about Post Office Recurring Deposit account.
Benefits of RD in post office
The Post Office Recurring Deposit Account is a guaranteed government scheme wherein you have to deposit small amounts in installments with a better rate of interest. The minimum amount you can deposit in this post office scheme is Rs 100. However, there is no maximum investment limit.
It is important to mention that the Post Office Recurring Deposit account can be opened for 5 years. But, banks offer the facility of recurring deposit accounts for six months, one year, two years and three years.
Besides, you can also make good money by investing in another post office scheme known as - Kisan Vikas Patra
What is RD interest rate in post office?
Currently, the Post Office Recurring Deposit scheme provides interest of 5.8 percent. The Centre has fixes the interest rates of all its small savings schemes every quarter.
Who can open Post Office RD?
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A single adult
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Joint Account (up to 3 people) (Joint A or Joint B)
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A guardian on behalf of minor
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A guardian on behalf of person of unsound mind
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A minor above ten years in his own name.
How to Open Post Office RD account?
A person can open as many RD accounts on his name. There is no restriction on the maximum number of accounts. Moreover two adults can also open a joint RD account together. Besides an already opened personal RD account can be converted into a joint account at any phase. Likewise an already open joint RD account can also be converted into a personal RD account at any time.
You can visit the nearest India Post branch or click on the official website to open a RD account.
Which is better RD or FD?
The interest amount that you get at the end of maturity of a Fixed Deposit (FD) is higher than the interest earned on a Recurring Deposit. But both have their own benefits and drawbacks.
