5 Years Post Office Recurring Deposit Account (RD)
The people who are earning on salary, wages etc can save on regular bases on sip mode and can earn 6.9% interest rate, compounded quarterly
The minimum amount of saving can start with rs 10 and maximum is no limit, a very easy operating procedure to save your money
Compounding mode help you to grow you money faster under this scheme
Normal banks also will offer this scheme but post office will offer you compounding rate of interest, hence it will not happen in normal banks
Before enrolling to any Recurring Deposit Account, compare the interest rates and rate of returns for better earning of your money
Features of 5-Year Post Office Recurring Deposit Account
The people who are earning on salary, wages etc can save on regular bases on sip mode and can earn 6.9% interest rate, compounded quarterly
The minimum amount of saving can start with rs 10 and maximum is no limit, a very easy operating procedure to save your money
Compounding mode help you to grow you money faster under this scheme
Normal banks also will offer this scheme but post office will offer you compounding rate of interest, hence it will not happen in normal banks
Before enrolling to any Recurring Deposit Account, compare the interest rates and rate of returns for better earning of your money
Features of 5-Year Post Office Recurring Deposit Account
- You should continued to pay 5 years tenure period
- Interest rate allowed under this scheme is 6.9%
- Deposits can be made up to 15th of every month
- If you opened account after 15th , can deposit up to last working day of that month
- If you not able to deposit money any particular month, a late fee is charged of 10 rupees for every 1000 rupees you made
- If 4 sequential deposits are not made, account will be locked and under reviewed
- You can avail a rebate if you deposit 6 or months at a time
- 50% of balance can be withdrawn after one year
- If you deposit cheque, the date of cheque clearance is considered as deposit date
Review of 5-Year Post Office Recurring Deposit Account:
Positives of 5-Year Post Office Recurring Deposit Account:
- Useful to save money for salaried class
- Can save in small amounts to meet your financial needs
- 50% of balance can with draw after one year
Negatives of 5-Year Post Office Recurring Deposit Account:
- Interest rate 6.9% is low comparing with other post office scheme
- Need to pay month over month, difficult to deposit if have tight budget
- A late fee is charged if you deposit lately
- Have to continue for 5 years tenure, no pre close is allowed
- This is not a right scheme, comparing with other post office schemes
