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India Post’s recurring deposit account is a safe investment possibility. Check how

The recurring deposit account was launched by the Union authorities again in 2019 to supply small traders with the means to take a position small quantities repeatedly to assist them meet their future wants, based on a report by ClearTax.

Written by Harshit Sabarwal | Edited by Meenakshi Ray

PUBLISHED ON SEP 24, 2021 10:28 AM IST

The India Post Office, which is recognized throughout the nation for its safe investment schemes, has a facility referred to as the National Savings Recurring Deposit Account, which is nearly as good as any financial savings account or fastened deposits—the 2 most most well-liked selections of investment by folks. 

The recurring deposit account was launched by the Union authorities again in 2019 to supply small traders with the means to take a position small quantities repeatedly to assist them meet their future wants, according to a report by ClearTax.

Under this scheme, traders should deposit a minimal account of simply 100 to open their account. The maturity of this scheme is 5 years.

Here are extra options concerning the National Savings Recurring Deposit Account:

> The present curiosity rate on this account is 5.8 per cent every year (quarterly compounded). This rate has been efficient since April 1, 2020.

> For instance, if prospects make investments 10,000 each month on the above curiosity rate, then their investment together with the curiosity will improve to 16 lakh in 10 years. But to have this profit, investment must be made each month

> Customers can open their account by making the primary deposit both by money or cheque.

> Account holders are allowed to have a nominee, who on the time of demise of the account holder, can submit a declare on the involved publish office to get the eligible stability of such recurring deposit accounts.

> The account will mature after 5 years from the date of opening.

> According to the India Post’s website, the account could be prolonged for a additional 5 years by giving an application on the involved publish office. The curiosity rate relevant throughout extension would be the curiosity rate at which the account was initially opened.

> The account could be closed prematurely after 3 years from the date of account opening by submitting a prescribed application type on the involved publish office.

 

 

 

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