New Delhi: You can easily create a corpus of lakhs by investing some amount of rupees. Post Office Recurring Deposit Scheme is one of them. You can start here by just investing Rs 100. The conglomerate offers a corpus of more than Rs 2 lakh in 5 years.
Post office RD is currently offering a 5.8 percent annual interest rate compounding quarterly. As per the uninitiated information available on the website, the maturity amount becomes Rs 2,10,00 by investing Rs 100 per day for 5 years. (Also Read: SBI Fixed Deposits: Invest in THIS FD to get guaranteed return, check return calculator & other details)
The deposit account can be opened from the urban to far-flung villages branch of the post office. Beneficiary can open a single, joint account comprising a maximum of three people. Minors can also open accounts under guardianship. The maturity period of the post office RD is 5 years. One can withdraw after 3 years following certain restrictions. (Also Read: Post office scheme: Invest Rs 10 lakh in THIS plan, get Rs 14 lakh in 5 years)
A loan facility against the RD is also available. As per the rules, after depositing 12 installments, a loan can be taken up to 50 percent. The loan can be repaid in a lump sum or in installments. The interest rate of the loan will be 2 percent more than the interest on RD.
