Recurring Deposit Scheme: A chance to add big money with a savings of 100 rupees every month, know how to avail
new Delhi. Today’s small savings can turn into large sums tomorrow. Only then you can deposit a few rupees every month by opening a Recurring Deposit account in a bank or post office. This will give you good returns. This is a very popular and reliable scheme. You can deposit up to 100 rupees per month in it. In this, you can get returns ranging from 6 to 7.30 lakh rupees. This scheme is like FD, just fixed amount is deposited in monthly installments.
What is RD Scheme
Recurring deposit is a special type of fixed deposit ie FD. In this, people of regular income deposit a fixed amount every month on which they get interest. Minimum Rs 100 per month can also be invested in RD. Its maturity is 5 years, but you can extend it for 5–5 years by applying. You do not need to go to the branch every month to deposit its amount. You can also submit it online.
Benefits of RD
It offers single and joint account facility. A joint account can have a maximum of 3 adult names. The names of a child above 10 years of age can also be opened by the account guardian under his supervision.
You can make someone a nominee at the time of opening an account. In this, you can deposit money both online and offline.
How to save millions
Recurring deposit schemes are for a long time period. If a person deposited an installment of 4500 rupees every month for 10 years, then that person will deposit Rs 54,000 for 12 months. Now the total deposit will be Rs 5.40 lakhs. If you get an annual interest rate of 5.8 percent on this, then you will get a profit of about 1.90 lakh rupees. In this case, you will get about 7.30 lakh rupees on maturity. Similarly, the number of funds will depend on the amount of your deposit.
There are two types of recurring deposits
RDs are of two types. First regular recurring deposit and second flexi recurring deposit. In the regular one, you will have to fix a period and an amount. For example, if you deposit 1000 rupees in your RD account every month for the next 10 years, then you will have to pay the same amount for this period. You cannot change this. While in flexi recording you have to decide a certain time, but you can increase or decrease the amount deposited in it.