Blockbuster scheme of Post Office! Not only guaranteed earning from interest, cheap and easy loan will be available as per need.
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Post Office Scheme: In today’s time the means of earning are limited. But, the expenses are increasing day by day. In such a situation, how would it be if your savings also start earning? post office Recurring Deposit (RD) is a safe and easy way of regular small savings. Customers can open their account in any branch of the post office.
In Recurring Deposit (RD), a fixed amount has to be deposited every month on a fixed date. Currently, this scheme is offering 6.7% annual interest. RD account can be opened in the post office with a minimum amount of Rs 100. There is no maximum deposit limit in this.
RD can be closed prematurely after 3 years. Apart from this, there is also a facility to extend the account for another 5 years after maturity.
Not only is guaranteed interest available on RD account, but one can also get cheap and easy loan as per need. According to the post office website, if 12 installments have been deposited in the RD account and the account has not been closed even after being operational for one year, then the account holder can take a loan. According to the rules, up to 50% of the balance in RD can be availed as loan amount. The loan can be repaid in lump sum or in equal monthly installments.
The interest rate on taking loan against post office RD is lower as compared to personal loans from banks. According to the rules, the interest on loan on RD account is 2% more than the interest rate on deposits in RD account (interest on RD account is +2%). This means that at present the annual interest rate on RD of the post office is 6.7%, if a loan is taken then the interest rate of the loan will be 8.7%.
In case of loan against RD, interest will be calculated from the date of disbursement of the loan amount till the date of loan repayment. The maturity term of RD is 5 years. If the loan cannot be repaid till the completion of the maturity term, then the loan and interest are deducted from the maturity value of the RD account.
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