Post Office RD Loan: Get Easy Loans on Your Savings!
Need urgent funds but don’t want to break your savings? The Post Office Recurring Deposit (RD) scheme lets you take a loan against your deposit at a lower interest rate than personal loans.
📌 What is a Post Office RD?
A Recurring Deposit (RD) helps you build a big savings fund over time. You invest a fixed amount every month, and after 5 years, you receive a lump sum with interest.
✅ Current Interest Rate: 6.7% per annum
✅ Minimum Investment: ₹100 per month
✅ No Maximum Limit
✅ Deposits must be in multiples of ₹10
💡 Bonus: Unlike keeping money at home, RD gives attractive interest, making your savings grow!
💰 Loan Facility on Post Office RD
🔹 When Can You Take a Loan?
- You must deposit at least 12 monthly installments (1 year) before applying.
- You can borrow up to 50% of your deposited amount.
🔹 How to Repay?
- Repay in one lump sum or in monthly installments.
- If you don’t repay, the loan amount + interest will be deducted from your final maturity amount.
📊 Interest Rate on Loan vs Personal Loan
| Loan Type | Interest Rate |
|---|---|
| RD Loan | 8.7% per annum (6.7% RD interest + 2%) |
| Personal Loan | 10.50% – 24% per annum |
👉 RD loans are cheaper than personal loans!
📝 How to Apply for an RD Loan?
1️⃣ Visit your nearest post office.
2️⃣ Fill out the loan application form.
3️⃣ Submit the RD passbook with the form.
4️⃣ The loan amount will be processed and credited to your account.
📈 How Much Can You Earn from RD?
| Monthly Investment | Total Deposit (5 Years) | Total Interest Earned | Final Amount |
|---|---|---|---|
| ₹1,000 | ₹60,000 | ₹11,369 | ₹71,369 |
| ₹2,000 | ₹1,20,000 | ₹22,732 | ₹1,42,732 |
| ₹5,000 | ₹3,00,000 | ₹56,830 | ₹3,56,830 |
(Approximate calculation based on 6.7% interest)
👨👩👧 Who Can Open an RD Account?
✅ Anyone can open an RD account!
✅ Parents can open an account for children (10+ years can operate it themselves).
✅ Joint accounts (up to 3 people) are allowed.
🚀 Start your RD today and secure your future savings!
