Post Office Scheme If you are looking for a safe and reliable investment option by saving a little bit every month, then the 5-year RD scheme of the post office may be a good option for you. In this scheme, the investor gets 6.7% annual interest, which is compounded on a quarterly basis. This account can be opened with a minimum deposit of minimum 100 every month and there is no limit for maximum investment. This scheme is becoming popular among small investors with government guarantee and fixed returns. Post Office 5 -year -old RD scheme is an option for a safe investment. In this, you can save well by depositing a little amount every month. This scheme is considered beneficial for small investors.

Interest rate and deposits of deposits:
* Annual 6.7% (quarterly compound) – Effective from 1 January 2024. * Minimum monthly deposit: 100 rupees (in stripes of Rs 10) * Maximum limit: No maximum limit

Who can open an account?
* Any adult person * joint account (maximum 3 adults) * Parents for a small or mentally uncomfortable person * 10 years and older child can also open several accounts- a person in his own name- in his own name- a person.

How is interest measured
A special formula is used to measure compound interest on the recurring deposits of the post office. If a person deposited Rs 10,000 every month under the post office RD scheme, then in 5 years i.e. in 60 months the total deposit will be 6 lakh. With an annual 6.7% interest rate (depending on quarterly compound), about 1,13,659 interest will be available on this amount. That is, a total amount of Rs 7,13,659 will be available on maturity.

Rules for depositing money
* Account can be opened by cash or check * If the account is opened between 1 to 15th, then the installment will have to be deposited by the 15th of every month. * If the account is opened from the 16th to the end of the month, then the amount will have to be deposited by the last working day of every month.

What happens when there is a default?
* A fine of Rs 1 will be taken every month for every 100 rupees installment. * If installments are not deposited for 4 consecutive months, the account will be closed. * The account can be activated again within 2 months. * When the default is less than 4, the account can be kept long -term active and the outstanding installments can be deposited.

Facility to deposit advance amount simultaneously
* If the account is not closed, you can fill installments for 5 years simultaneously. * A discount of Rs 10 on the advance deposit of 6 months- 40 rupees discount on deposits of 12 months Loan facility * If 12 installments are deposited in the account and the account is regular, then you can take up to 50 % of the total deposit.

Interest on loan:
*RD interest rate +2%- The return of the loan can be made in lump sum or monthly installments. * If the loan is not returned on time, the amount of the loan and interest will be deducted from the amount of maturity.

Rules to close account
* The account can be closed after completion of 3 years. * But if the account period is closed before the expiry of the period, only the interest rate of the post office savings account will be applicable. * Account cannot be closed before the advance deposit period.

Maturity and expansion facility
* This account is for a period of 5 years (60 months). * It can be extended for more 5 years. * Account can be closed at any time while increasing the period. * Interest on RD rate for the entire year * Interest at the rate of savings account for incomplete year * After completion of time, the account can be run for 5 years without depositing any amount.

On the death of the account holder
* Nominee person or legal successor can get the amount by presenting claim form in the post office. * If they want, they can keep the account running for the original time period.