The Post Office’s ‘Superhit’ schedule; Save 10 thousand per month and get 16 lakhs! – Marathi News | Indian post office has a super hit recurring deposit account savings plan for returns, save 10,000 per month and earn back 16 lakhs
By Online Lokmat | published: March 17, 2023 6:20 PM2023-03-17T18:20:36+5:302023-03-17T18:25:02+5:30
What is the plan, how much is the interest… know everything in one click
Post Office RD Interest Rate: People deposit a lot of money at the post office in our country. Investments made in it are considered very safe. By investing in post office schemes you can get a safe and good return. Today we are going to learn more about such a reliable and good return scheme from Post Office in which you can easily deposit money. Let’s find out what the plan is, how much interest and other benefits…
Post Office Revolving Deposit Account (Recurring Deposit Account) is a small deposit scheme. The investor can invest a fixed amount in monthly installments. It is a government-guaranteed scheme for small deposits with good interest rates. In this you can start investing from Rs 100. Since there is no limit to how much you can invest in the account, you can deposit as much money into this account as you want.
How many months do you have to pay the money?-
If you open an RD account at a post office, it will be valid for five years. If you want to extend the period, after five years you can apply to the Postmaster for another five years. If you want to open a similar account with a bank, you can choose from six months, 1 year, 2 years and 3 years. The great thing is that the interest on the amount deposited on Revolving Deposit or KB accounts is calculated quarterly (annually). Therefore, at the end of each quarter, the interest accrued on your deposit will be added to your account (with compound interest).
How much is the interest
If you open an account in the RD Scheme at a Post Office, this Deposit Scheme will be treated as a Small Savings Scheme of the Government of India. The Ministry of Finance, the Government of India, decides how much interest is earned in the small savings scheme. The Union Treasury Department publishes quarterly interest rates for all small savings plans. The Ministry of Finance has set an interest rate of 5.8 percent on the Post Office RD scheme for the fourth quarter of the current financial year.
How much will you get if you deposit 10 thousand per month? –
Suppose you deposit 10,000 rupees per month into the post office’s RD scheme. You pay this amount in continuously for 10 years. So you get a return of 5.8% after 10 years. After the due date, this amount will be more than 16 lakhs. (Rs. 10 thousand per month, tenure 10 years, interest rate 5.8 per cent = amount received at maturity after 10 years – Rs. 16,28,963.)
Avoid becoming a defaulter
If you have opened a Revolving Deposit Account with PostNL, you must make sure that you deposit the money monthly. If, for whatever reason, you do not deposit money into your account within a month, you will have to pay a fine. The fine depends on the delay in depositing the fine amount. You must pay a penalty of one percent per month after the number of months you deposit. Please also note that your account will be closed if you do not deposit for 4 installments in a row.
Can the bill be paid in advance?
You can also deposit money in advance in the KB Post Office Regulations. If you have opened an account and want to continue it, you can deposit money in advance for the whole five years. Doing so will also get you some discounts. Supposing you open an RD account of Rs 100 per month and deposit at least six installments in advance, you will get a discount of Rs 10 for the first six months. Similarly, you will get a discount of Rs. 40 for 12 months.
Does income tax also apply?
Yes, income tax also applies to KB Post or Periodic Deposit. Income tax is deducted in the form of TDS on the interest earned on the account. But if the deposit amount Rs. It is only deducted if it is more than 40,000. If your deposit amount is this, you will be taxed at the rate of 10% per annum. Interest earned on RD is also taxable, but the full term amount is not taxable. Investors who have no taxable income can claim TDS exemption by filing Form 15G in the case of FD.
Can the account be closed early? – You can close the Post Office RD account early. A discount applies for this. But you can do this only if three years have passed since the opening of the account. After completing three years, you can close it early by applying to the postmaster. In that case, you do not owe the interest of the Postal Savings Account Scheme, but you do owe the interest of the KB Regulation. If you have deposited money in advance, you are not allowed to close earlier.
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