Post Office RD Scheme 1000 Per Month:- Let us tell you about Post Office Recurring Deposits (RD) if you want to lower your future financial risks, earn double returns, and invest in a secure location to grow your money in the future. The gym is a better choice for you because you can make small savings that will add up to blind profits later on.
In addition, you will receive the highest interest rate on post office RD, which is 5.8%, if you invest $1,000 per month under the Post Office RD scheme offered by the State Bank of India (SBI). You will receive interest on your investment up to 5.4%. Allow us to give you comprehensive details about this monthly plan.
Also Read:- Post Office MIS Scheme
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Know how you will get big savings by investing in RD
The post office’s RD scheme is open to all investors. If your salary is high, even a small investment in this scheme will yield a sizable payout when it matures in five years.
If you put money in the piggy bank at home, you might not be receiving interest, but if you put money in this scheme, you will receive a substantial amount in interest. You receive blind returns and profits in five years if you invest small amounts in the RD scheme.
Post Office RD Scheme 1000 Per Month. Postal office RD account
- One type of small savings plan that can help you lower future financial risks is the Post Office Rd Scheme.
- While Post Office Kahani is a scheme that can help you gain valuable experience in the future, investing Rs 1000 a month in SBI Bank can also help you reap good returns in the future.
- On the other hand, the Post Office RD Scheme has a five-year duration, but it is extended annually, so in order to make good profits, you will need to increase it each year after the five-year mark.
Post Office RD Scheme 1000 Per Month Account Eligibility
- As stated, anyone is eligible to invest in this plan.
- Everyone, young or old, can lower their future financial risks by participating in such a scheme.
- In addition, you are able to open one or more accounts in young children’s names.
- You can open a post office RD account or even a joint account if you are ten years of age or older.
- In addition, you can protect your finances with the Post Office Rd Scheme, which offers a monthly payment of $1,000.
Post Office RD Scheme 1000 Per Month calculation /month contribution
Based on calculations, if one contributes Rs 10,000 per month to the Post Office RD scheme, after five years the corpus will be Rs 7.04 lakh. The total corpus in ten years, if you extend the account for an additional five years, will be Rs 16.6 lakh.
How much return will you get by investing 1000 months for 5 years?
- Let us inform you that if you deposit Rs 1000 per month into an RD account, you will receive an annual interest rate of 5.8% if you continue to invest for five years. This interest rate means that after five years, at maturity, you will receive a return of about Rs 69,748.
- You must make consistent investments in this Post Office RD Account for at least five years in order to receive higher returns and interest. As previously mentioned, you will receive good interest each year if you make monthly investments of Rs. 1000. Thus, blind returns are granted up to Rs. 70000.
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Who can open a Post Office RD Scheme 1000 Per Month account?
An adult, up to three other adults jointly, or a minor who is older than ten years old may open a Post Office RD account. The default fee of Rs 100 is Re 1 if the depositor misses the next required deposit for a month. 4 consecutive defaults result in the account being closed.
The interest rate that applies to the extended account is the same as the one that was in place when it was first opened. During the duration of the extension, depositors are free to close the extended account whenever they choose. Every completed year of an extended account will be subject to the RD interest rate. On an extended account, however, the interest rate on a post office savings account will apply for a duration of less than a year, as per the Post Office website.
Banks offer better RD rates
Right now, the Post Office RD rate is lower than the RD interest rates offered by top banks. For example, HDFC Bank offers General Citizens an interest rate of up to 7%, while SBI offers an RD rate of up to 7.1%. Moreover, banks permit RDs with shorter terms of one to five years.
How To Open Post Office RD Scheme 1000 Per Month Account?
- You must first visit the post office branch that is closest to you in order to open an account with the Post Office’s best scheme, the RD account.
- Where to get the application form once you’ve filled it out to open an RD account
- Along with the required paperwork, such as certificates and proof of address, you must select the RD scheme’s fixed monthly deposit amount.
- Your party account passbook contains all of your Chinese records, including investment and interest information. You will receive an ID account passbook later on.
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FAQs on Post Office RD Scheme 1000 Per Month
Q. What is the monthly 1000 in post office RD?
Ans- According to calculations, if a person contributes Rs 1000 per month to the Post Office RD scheme, in five years their corpus will grow to Rs 70,431 lakh. In ten years, the total corpus will be Rs 1.66 lakh if you extend the account for an additional five years.
Q. What happens if RD is not paid promptly?
Ans- i) There will be a penalty of Rs 1.50 for each Rs 100 per month in case of a five-year or shorter delay in paying an installment of the RD. ii) The penalty for an account open for longer than five years will be Rs. 2.00 for each Rs. 100 per month.
Q. What are the rules for premature withdrawal of RD in a post office?
Ans- The rules allow for one withdrawal before the maturity period. The withdrawal limit is 50% of the total deposits made into the account. The RD must have been in operation for at least a year in order for the withdrawal to be permitted, and 12 monthly deposits are required in order to withdraw the full amount.
Q. Does RD deduct money automatically?
Ans- You won’t ever miss a payment if you set up standing orders. But always make sure your bank account has enough money in it. Before opening a recurring deposit, take a look at the interest chart.
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