by The Post Office Recurring Deposit (RD) Scheme is a popular investment option offered by the Post Office. This scheme allows individuals to earn attractive returns on their deposits with monthly investments. With a maturity period of five years, the Post Office RD offers the possibility of earning up to INR 8 lakhs with an investment period of 10 years.
The interest rate on Post Office RD deposits was increased last year, from 6.5 percent to 6.7 percent. This change has further enhanced the attractiveness of the scheme for potential depositors.
Opening an account in the Post Office Recurring Deposit Scheme is a straightforward process. You can visit any Post Office in your area to open an account. Deposits can start from as low as Rs 100, while there is no upper limit on the maximum amount that can be invested.
The Post Office RD Scheme also offers the convenience of opening accounts for minors. However, in such cases, parents need to provide their consent and their name should be mentioned in the account opening document.
Overall, the Post Office Recurring Deposit Scheme offers an attractive investment option with potential returns of up to INR 8 lakhs over a 10-year period. With a fixed maturity period and a competitive interest rate, this Post Office scheme provides a stable and secure way for individuals to grow their wealth over time.
