Welcome to our site! In this blog, we will learn about the Post Office RD Scheme 2024, which was recently launched by the Indian Post Office. This scheme allows people to get high returns by investing as little as ₹100 per day. Keep reading to learn the step-by-step procedure to apply for this scheme.
Contents
Overview of Post Office RD Scheme 2024
The Post Office Recurring Deposit (RD) Scheme 2024 is a small savings scheme offered by India Post. It allows investors to make regular monthly deposits for a fixed tenure of 1-5 years. On maturity, investors get back their deposits along with interest at a rate of 6.7% per annum.
Some key features of the Post Office RD Scheme 2024:
- Minimum deposit is ₹100 per month or ₹1,500 per year
- Maximum deposit is no limit
- Tenure is 1, 2, 3 or 5 years
- Interest rate is 6.7% per annum compounded quarterly
- Account can be opened by an individual, jointly or on behalf of a minor
- Premature closure is allowed after 1 year with certain conditions
- Loan facility available up to 50% of the deposit after 1 year
This scheme is suitable for investors looking for guaranteed returns on small monthly savings. The interest rate is higher than bank fixed deposits. Let’s look at how to earn lakhs by investing just ₹100 per day.
Earn lakhs by investing ₹100 per day in Post Office RD Scheme
- Investing ₹100 daily amounts to ₹3,000 monthly. If you make this deposit for 5 years at 6.7% interest, your maturity amount will be ₹2,14,097.
- By investing ₹3,000 per month for 5 years, your total deposit will be ₹1,80,000. The interest earned will be ₹34,097. So the maturity amount will be ₹2,14,097.
- If you invest ₹5,000 per month for 5 years, your maturity amount will be ₹3,56,830 (Principal ₹3 lakh + Interest ₹56,830).
As you can see, small investments of just ₹100 per day can grow to lakhs of rupees on maturity due to the power of compounding. The longer you invest, the higher the returns.
How to open Post Office RD Account
Follow these simple steps to open an RD account in any post office branch near you:
- Step 1: Fill the account opening form with personal details like name, address, nominee etc.
- Step 2: Attach photocopies of KYC documents like Aadhaar, PAN, passport size photo.
- Step 3: Make the initial deposit amount by cash/cheque/DD. Minimum ₹100 per month.
- Step 4: Choose an installment amount and tenure – 1/2/3/5 years.
- Step 5: Get your account number and start depositing every month on due dates.
You will get an RD passbook to track your deposits. The account can be transferred to another post office branch if you change your city. Premature closure and loan against RD is also permitted after 1 year.
Benefits of Post Office RD Scheme
Here are some major benefits of investing in the Post Office RD Scheme 2024:
- Guaranteed Returns: The interest rate is fixed at 6.7% for the entire tenure. Your money grows safely without market risks.
- Flexible Tenure: Choose a tenure of 1-5 years as per your financial goals. Longer tenure gives better returns.
- Low Minimum Investment: With just ₹100 per day, anyone can build a corpus. No minimum balance required.
- Loan Facility: Avail loan up to 50% of RD balance after 1 year. Interest charged at RD rate + 2%.
- Premature Closure: Account can be closed after 1 year with certain deduction in interest.
- Tax Benefits: Investments up to ₹1.5 lakh per year qualify for income tax deduction under Section 80C.
- Higher Interest Rate: The 6.7% interest rate is higher than bank FDs currently offering 5-6% rate.
Thus, Post Office RD is a safe option for conservative investors to earn regular income on monthly savings. Even small amounts can grow substantially over 5 years.
Conclusion
The Post Office Recurring Deposit Scheme 2024 offers an excellent opportunity to grow your savings with guaranteed returns. By investing just ₹100 per day, you can amass a corpus of few lakhs on maturity in 5 years. The simple process, convenient tenure, high interest rate and tax benefits make it beneficial for all kinds of investors. If you want to secure your future in a risk-free manner, start investing in Post Office RD scheme now!
FAQs
Q1. Is there any maximum limit on the deposit amount?
Ans: There is no maximum limit on the deposit amount in Post Office RD account. You can invest any amount above the minimum of ₹100 per month.
Q2. Can I get a loan against my RD account?
Ans: Yes, loan facility up to 50% of the balance is available after 1 year of account opening. Interest charged is 2% above the applicable RD interest rate.
Q3. What documents are required to open Post Office RD account?
Ans: You need to submit account opening form, KYC documents (Aadhaar, PAN, Address proof) and passport size photograph. Initial deposit can be made by cash, cheque or DD.
