Every middle class family in the country who receives a monthly salary thinks of saving some part of their income in the form of savings to secure the future of their family. In such a situation, they want that their savings can be safely invested and they can also get good returns on it in due course of time.
For the convenience of such people, the Post Office Department has started a new scheme along with many other savings schemes which is called Post Office Recurring Deposit. In this, a person can invest his income for 5 years and can get good returns based on the fixed interest rates of the post office.
Let us tell you that this scheme has been run by the Post Office for many years, in which the last amendment was made on 17 September 2023. To save under this scheme, any person can open an account with an investment amount of only ₹ 100 by going to their nearest post office.
Post Office New Scheme
Under this scheme, after opening a savings account, the investor has to invest ₹ 5000 from his income every month. If the investor consistently saves an amount of ₹ 5000 every month in the account, then he can accumulate a huge amount of up to ₹ 800000 for a certain period of time.
Let us tell you that no official tax has been implemented by the government on the post office scheme. Saving under this Post Office Recurring Deposit scheme can prove to be more profitable for investors than saving under other Post Office schemes.
Eligibility for Post Office New Scheme
- Only Indian individuals can save under the Post Office Recurring Deposit scheme.
- The savings period of this scheme has been issued by the post office for 5 years.
- To save more, investors can extend the tenure of this account for another 5 years.
- To close the account before the expiry of 5 years, premature closure will be required.
- Under this savings scheme, an account can be opened in the name of any man or woman.
Interest rate in post office RD scheme
As per the amendment of September 2023, 6.7% interest rate has been implemented under the Recurring Deposit Scheme of the Post Office. Based on this interest rate, if he deposits ₹ 5000 every month for 5 years, then ₹ 300000 will be deposited in his account, the interest amount of which will be ₹ 56830, that is, he will be given ₹ 356830 as return.
Along with this, on depositing ₹ 5000 every month for 10 years, ₹ 600000 will be deposited in the account whose interest amount will be Rs 2 lakh 54272, that is, the investor will get Rs 854272 as return.
Benefits of post office new scheme
- Under the Post Office RD scheme, investors can save with good returns.
- There cannot be any fraud on the savings amount of investors because this scheme is completely government.
- In the savings account of this scheme, savings can be made for 10 years which is much better for their future.
- Investors can collect savings and use it for their future work.
- There is no need to pay any government fee on saving in RD scheme.
Loan will be available up to 50 percent
For those investors who save under RD scheme by opening an account in the post office, loan facility up to 50 percent is also provided under the post office. Now investors can also take a loan with their savings at a very good interest rate if needed.
How to open an account under the post office new scheme?
To open an account in Post Office RD Saving Scheme, visit your nearest post office department.
- Get complete information about RD scheme here.
- After receiving the form, complete information will have to be filled in it as per requirement.
- Along with this, all the mandatory documents of the investor will have to be added to the form.
- Now submit it to this post office, after which it will be verified.
- If the information is correct, the first investment installment will have to be paid after which the passbook will be given to the investor.
- In this way an account can be opened in the post office savings scheme.
Vamshi is a dedicated journalist with a passion for delivering accurate and up-to-date news on government schemes and policies. With extensive experience in analyzing government initiatives, Vamshi provides readers with clear insights and practical guidance to help them understand and benefit from various programs. His commitment to transparency and thorough research ensures trustworthy and reliable information for all. Stay informed with Vamshi for expert coverage of the latest government schemes and how they impact you.