In this scheme of Post Office, there is also the facility of taking loan, the return on investment will also be good, know how to invest

In this scheme of Post Office, there is also the facility of taking loan, the return on investment will also be good, know how to invest

The Post Office has several options for a small savings plan, but there is also a plan that offers loan facilities along with investments if needed. Yes, Post Office Five Year Recurring Deposit Scheme (Post Office RD Scheme) is known for such a facility. You can also start investing in it if you wish. For this you have to go to your nearest post office and open an account (5 years post office recurring deposit account). Let us tell you that the amount deposited under this scheme is completely safe.

Who can open an account for investment?
According to the official website of the Post Office, any single adult, two persons together and even three persons can open a joint account. If a minor above 10 years of age is interested in it, he can also operate this account in his own name. A parent can also operate an account on behalf of a minor. Apart from this, if a person is of unsound mind then the guardian can also start investing in recurring deposit scheme on his behalf. Currently 6.5 percent interest is being given on this account.

Facility of availing loan

You can take a loan under a 5-year Post Office Recurring Deposit Account. But there are some rules for this. If you deposit 12 consecutive installments under the scheme and the account has been running for one year and has not been closed, you can take a loan of up to 50 percent of the amount deposited in your account. If you wish, you can repay the loan amount in one lump sum or as monthly installments. Interest on loan will be applicable at 2% + RD interest rate on RD account. If you do not repay the loan on time, this amount will be deducted from your total RD amount when it matures. To take a loan, you have to fill the application form along with the passbook and deposit it in the post office.

How much can you invest?

In this scheme you can deposit a minimum of Rs 100 per month. The amount above this has to be deposited in multiples of 10. Advances can be deposited in any account for 5 years if no RD account is closed. You can open any number of accounts under this scheme (Post Office RD Scheme). The scheme will mature in five years. You can also increase post office account. It can be stopped at any time during this period.