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if today’s If I have a monthly salary of 50 thousand to 1 lakh rupees, then it is not possible to save a lot. There are many people among the employed, whose monthly savings can be up to Rs.2, 5 or 10 thousand only. In such a situation, many people keep this savings in the bank’s savings account or opt for any other such scheme. But let us tell you that there are some such schemes, through which you can get more benefits on your savings money, that too in a very safe way. For this, you can choose the Recurring Deposit Saving Scheme (RD) of the bank or post office, where you can get good returns on those money by putting money instead of savings account. The special thing is that you can invest in this scheme even with a monthly amount of 100 rupees.
Post Office-Bank RD Scheme
We are talking here about the Small Savings Scheme (RD) i.e. Recurring Deposit. In fact, many banks are paying more interest on RD than FD. HDFC Bank is paying 7.65% interest on RD and ICICI Bank is paying 6.9% interest. You can open minimum 6 months RD in bank. At the same time, interest is being given at the rate of 5.8% (quarterly compounded) on the RD scheme in the post office. You can invest in RD scheme by investing Rs 100 monthly in the post office. However, you need to opt for RD for at least 5 years. After three years you can stop investing. After one year, you can take a loan up to 50% of the amount deposited in your RD.
Getting interest equal to FD
Another way for safe investment is bank FD, in which you get more interest, but you have to lock in a large amount at once for a long time. At the same time, you can get interest as much as FD by depositing small deposits every month. Recurring deposit is the easiest way to earn double interest on savings account.
Advantages of RD
- Recurring Deposit depends on the savings of the investor and can invest a fixed amount every month.
- Under the lock-in feature of RD, the interest rate remains the same from the beginning till the end and the interest rate on the deposit is locked in at the beginning itself. That is, there is an advantage in RD when the interest rate is low.
- Recurring deposits make savings management easier and provide relief from the hassle of recurring fixed deposits.
- The time period is fixed at the time of opening the account in RD. At the end of the time period, you get the full payment along with the interest.
- The specialty of RD is that it offers the benefits of fixed deposits with regular investment. Due to the fixed interest, there is certainty of income and it is convenient to get offers from banks. In RD, the amount can be collected for a specific goal.
- RD can be up to 10 years. Long term investment plan can be made in this.
How to start Recurring Deposit
RD account can also be opened by visiting post office, bank or online. You can also open RD through mobile app. If you are getting RD opened in the post office, then you can get it opened by giving cash and cheque. Your account can be transferred from one post office to another post office. Joint account can also be opened in the name of two adults. Before opening an RD account, see where and how much interest is being received. If more than 10 thousand interest is received on RD, then it will be taxable.
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