Invest Rs.10,000 per month to get Rs.16 lakh on maturity in Post Office Recurring Deposit Account
1. Gives good returns as compared to deposit and savings accounts.
3. How to become debts free?
India Post Office offers some of the safest investment plans offering better returns than fixed deposits or savings accounts.
India Post Office offers some of the safest investment plans offering better returns than deposit or savings accounts. for example,
Post Office Recurring Deposit Account offers the safety and security of returns as well as impressive interest.
2. Minimum and maximum investment limit.
Investors can make a minimum deposit of Rs 100 in a post office recurring deposit account to start saving for their future. Also, investors can invest as much as they want as there is no upper limit on investment.
4. Time period l
The account matures after a fixed period of five years. After this, investors have to withdraw money from the account.
5. Interest Rate
At present, investors get 5.8 per cent interest on their investments in a post office recurring deposit account.
Investors get interest quarterly, so the power of compounding allows investors to see their money grow in a jiffy. For example, if investors invest Rs 10,000 per month in a Post Office Recurring Deposit account, their investment together with interest will grow to Rs Lakhs in just 10 years.
6. Will have to invest continuously.
For this, investors have to continue investing every month. If an investor fails to pay the amount on time, he will also have to pay a penalty. Further, if an investor fails to pay the premium for four consecutive months, the account is automatically closed.
But the good news is that investors can renew the account within two months from the date of default. However, if they miss that window too, the account is permanently closed.
7. What will the document look like?
1. Aadhar Card
2. Voter Card
3. PAN Card
4. Two passport size color photographs
8. Whose name should be given in the nominee
Investors can also nominate their relatives or friends. At the time of the death of the investor, a nominee can claim the money.
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