Post Office Recurring Deposit (RD), or National Savings Recurring Deposit (RD) account, is a small savings scheme in which one can deposit money on a monthly basis and get a maturity amount after 5 years. The scheme offers an annual interest of 6.7 per cent. A minimum of Rs 100 per month or any amount in multiples of Rs 10 can be invested in the scheme. There is no maximum limit for deposits in the Post Office scheme.
You can open an individual or joint account.
A guardian on behalf of a minor, or on behalf of a mentally ill person, and a minor over 10 years of age may open an RD account at the post office in their own name.
The guaranteed return scheme provides the possibility of making an early deposit for up to 5 years.
Another notable feature of the DR post office is that it also offers the possibility of granting loans.
After depositing 12 installments and the account continues for 1 year and is not interrupted, the depositor can avail the loan facility up to 50 percent of the credit balance in the account.
The account may be closed prematurely after 3 years from the date of its opening.
Although the Correos RD has a 5-year expiration period, your account can be extended for an additional 5 years.
However, the extended RD account may be closed at any time during the extension period.
RD Post Office: Maturity amount of a monthly investment of Rs 10,000
If your monthly investment in RD Post Office is Rs 10,000, then in 5 years, your total investment will be Rs 600,000, the estimated interest will be Rs 1,13,659 and the estimated maturity amount will be Rs 7,13,659.
RD Post Office: Maturity amount of a monthly investment of Rs 20,000
By investing Rs 20,000 per month, the total investment will be Rs 12 lakh, the estimated interest will be Rs 2,27,315 and the estimated maturity amount will be Rs 14,27,315.
RD Post Office: Maturity amount of a monthly investment of Rs 30,000
On a monthly investment of Rs 30,000 in RD Post Office, the total investment will be Rs 18 lakh, the estimated interest will be Rs 3,40,974 and the estimated maturity amount will be Rs 21,40,974.
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