Post Office Recurring Deposit Scheme 2020

There are many post office schemes where you'll get tons out of investing. Nowadays, post office deposit schemes are becoming more profit than banks. the most important advantage of investing during a post office is that the cash is safe here. At an equivalent time, the returns are good. 
there's no risk in investing in post office plans. the rationale is that there's a sovereign guarantee from the central government on the cash deposited here. This guarantee isn't available on fixed deposit (FD) of banks. If you would like to urge good returns without risk, the post office plan is best . Today we are getting to tell you a few scheme during which an outsized fund are often created by investing alittle amount.

What is this plan
This scheme called Post Office Recurring Deposit offers better returns. during this account are often opened with less amount. many of us cannot invest, as many banks need to deposit large sums of cash . you'll also invest during this scheme with alittle amount.
Investments can start from Rs 100
Investment are often started by depositing Rs. 100 per month in Post Office Recurring time deposit account . there's no maximum investment limit during this account. Anyone can deposit the maximum amount as they need . Post office recurring (RD) deposits are an honest decide to invest in small installments with better interest rates.

How much interest
within the post office recurring deposit scheme, interest is calculated on the quantity deposited quarterly (at an annual rate). it's then linked to interest within the account at the top of every quarter. consistent with the Post Office's website, the recurring deposit (RD) scheme currently offers interest at 5.8 per cent.

16 lakh on an investment of 10 thousand rupees
If one invests Rs 10,000 within the post office recurring deposit scheme monthly , he can get an outsized amount. within the Post Office Recurring Deposit Scheme, the account isn't opened for fewer than 5 years. But it are often carried forward. If you invest Rs 10,000 per month during this scheme for 10 years, you'll get Rs 16.28 lakh on maturity.

Penalty will need to be paid if the installment isn't paid on time
Failure to deposit the installment on time within the recurring time deposit account is punishable. If the installment is delayed, a penalty of 1% per month has got to be paid. If someone doesn't pay the installment for 4 consecutive months, the account is closed. However, if the account is closed, it are often reactivated within subsequent 2 months.

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