Post Office scheme: Deposit Rs 70 every day to get Rs 1.5 Lakh - Details inside
If you are listed as the kid's legal guardian, you can open the account in the child's name. The maturity period of this scheme is 5 years.
For people, investing in good schemes to get maximum returns is one of the topmost priorities. An investment that is researched thoroughly is one of the safest and sure-shot ways to prevent financial disappointments.
Today, we will tell you about one such scheme - the Post Office Recurring Deposit Account initiated by India Post - under which by depositing Rs 70 every day, you can get around Rs 1.5 lakh (at maturity).
Under this scheme, the interest rate is compounded quarterly and a person is also free to open an account in their child's name, so as to guarantee them a secure future.
If you are listed as the kid's legal guardian, you can open the account in the child's name. The maturity period of this scheme is 5 years.
How does this scheme work?
Any parent - opening an RD account for their kid - can deposit Rs 70 every day (Rs 2,100 a month) and at the end of 5 years, the parent would have Rs 1,26,000 in the account.
Notably, the interest rate is also compounded quarterly and RD account holders get an interest rate of 5.8% since April 2020. This makes the total interest at the end of 5 years - Rs 20,000 thus the total sum in the account would be Rs 1,46,000, just a little bit less than 1,50,000.
Eligibility
This scheme allows citizens of India to start a single or joint account of up to 3 adults.
On behalf of a minor or a person with an unsound mind, a legal guardian can also open an account.
A child, aged 10 and above can also open an account.