PORD Scheme Rules: Do you know that a small saving in the post office can give you guaranteed income? There are many government schemes in which a good fund can be created in the long term by investing just Rs 100. One of these schemes is Recurring Deposit Scheme. Post Office RD is getting 5.8 percent annual interest from January 1, 2023! In this the interest is compounded on quarterly basis.
PORD Scheme Rules
PORD Scheme Rules
The maturity period of Post Office recurring deposit is five years. And it can be extended once for 5 years! This means you can operate your account for 10 years! By depositing Rs 10,000 monthly in Recurring Deposit, we understand how big the guaranteed amount will be in the next 5 years and 10 years. There is no risk on the amount deposited in the post office! And your money remains completely safe! If you are going to start an RD of Rs 2,000 per month for 5 years! So you will invest Rs 24,000 in a year and Rs 1,20,000 in 5 years.
Post Office RD calculation
According to the information available on the Post Office website, you can start investing in recurring deposits in the Post Office with just Rs 100. The convenience of this is that once you open an account with Rs 100, you can deposit more money in it. This also. Multiples of Rs 10 each! There is no maximum limit for investment in this! 5.8 percent annual interest is being given in RD (Recurring Deposit). In this the interest is compounded on quarterly basis. If you are not able to deposit four consecutive installments in the post office, your account is closed. But if you apply for reactivation within the next two months, the closed account can be activated once again.
This is how you will get returns on deposit of ₹ 10,000 in PORD
According to the RD calculation of the Post Office, if you deposit Rs 10,000 every month in the monthly scheme, then after 5 years you will have a guaranteed fund of Rs 6,96,968. Your investment in this will be Rs 6 lakh. At the same time, interest income will be Rs 96,968. According to Post Office RD calculation, if you deposit Rs 10,000 every month in a monthly scheme and extend it for 5 years after maturity, then after 10 years you will have Rs 16,26,476. There will be a guaranteed fund of Rs. Your investment in RD (Recurring Deposit) will be Rs 12 lakh. At the same time, the interest income will be Rs 4,26,476.
PORD Scheme Rules
Loan can also be taken against RD (Recurring Deposit) account. The rule is that after depositing 12 installments, a loan can be taken up to 50 percent of the amount deposited in the account. The loan can be repaid in lump sum or in installments. The interest rate on loan will be 2 percent more than the interest on RD. It also has the facility of nomination! The maturity period of Post Office RD account is 5 years. But in Post Office, pre-mature closure can be done after 3 years.
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