India Post / You can invest in this scheme from ₹ 100 per month, returns are guaranteed

India Post: Saving is a good habit. You can start it from anywhere. It is not necessary that you start investing when you have a lot of money. You can start saving by investing just Rs 100 per month in the 5-year recurring deposit scheme of the post office. You get guaranteed returns by putting money in the National Savings Recurring Deposit Account of the post office. This scheme is also safe because the post office is directly supported by the Government of India. If you invest a small capital in it, then you can have a good amount of money.

Who can open an account in this scheme

Any adult can open an account in this post office RD scheme. Apart from this, three adults can also open a joint account together. Guardians can also invest in it on behalf of a minor and a person of unsound mind. According to the official website of India Post, a minor above 10 years of age can open a 5-year post office recurring deposit account in his name. A special feature of this post office scheme is that you can open any number of accounts in it.

The maturity period of this RD account is for 5 years or 60 monthly deposits from the date of opening. However, if you wish, it can be extended for another 5 years by applying even after maturity. The interest rate applicable during the extension will be the interest rate at which the account was originally opened.

Start investing with as little as Rs 100

You can start investing with as little as Rs 100 in this special RD scheme of India Post. Keep in mind, the account can be opened by cash/cheque and in case of cheque, the date of deposit will be the date of clearance of the cheque. Understand it like this that if the account is opened by the 15th of the calendar month, then the subsequent deposit will be made by the 15th day of the month. If the account is opened between the 16th day and the last working day of the calendar month, then the subsequent deposit will be made by the last working day of the month.

There is also a facility to take a loan

There is also a facility to take a loan for customers in National Savings Recurring Deposit Account. After opening the account, you can avail the facility of loan up to 50% of the balance in the account after depositing 12 installments and if the account is active for 1 year. The loan amount taken can be repaid in lump sum or in equal monthly installments. Talking about the interest rate, it will be applicable as 2% + RD interest rate applicable on RD account. If the loan is not repaid till maturity, then the loan and interest are deducted from the maturity value of the RD account. To take a loan under this scheme, a loan can be taken by submitting a loan application form along with the passbook in the concerned post office.