The government itself guarantees the safety of investments in the schemes run by the Post Office and the returns are also excellent. Recurring Deposit Scheme is one of its most popular schemes.
If you are planning to invest in a scheme with safe investment and great returns, then this news is special for you. Actually, small savings schemes are being run in the post office for every age, in which the government itself guarantees the safety of the investment, while a great interest is also offered on them. One such scheme is the Post Office Recurring Deposit Scheme, in which you can start investing with just Rs 100 and can deposit a fund of Rs 17 lakh by saving just Rs 333 every month. Let’s understand the full calculation
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Under the Post Office RD scheme, the government gives 6.7 % interest . One can start investing
with just Rs 100. Anyone can open an account under this scheme and even a minor of 10 years of age can open an account with the help of his/her parents. After turning 18, the minor will have to fill a new KYC and fresh opening form. This account can be opened through mobile banking or e-banking facility.
Maturity period of five years
If you open an account under this Government Scheme, then your account will mature in 5 years. The facility of extending it is also given, that is, if you want, you can continue investing by extending it for another 5 years. On the other hand, if you want to close the account before the completion of this period, then this facility is also available in this saving scheme. If the investor wants, he can choose the option of pre-mature closure after 3 years. In case of death of the account holder due to any reason, the nominee can claim it and if he wants, he can continue it further.
This rule of monthly deposit
Under the Post Office RD Scheme, the rule of monthly deposit is also different. If the account is opened before the 16th day of the calendar month, then the next deposit amount equal to the first deposit amount will be made by the 15th day of every month and if the account is opened after the 16th day and the last working day of the calendar month, then the deposit will be made between the 16th day and the last working day of every month.
You can take this much loan on your investment.
Account under Recurring Deposit Scheme can be opened by going to any nearest Post Office. It is worth mentioning that the interest rates of small saving schemes of post office are revised every three months by the government, one special thing about RD Scheme is that loan facility is given to the investor and if we talk about the rules fixed for this, then after the account is active for one year, up to 50 percent of the deposit amount can be taken as loan and an interest rate of 2 percent is applicable on this.
How to raise 17 lakh rupees from 333 rupees
Now let’s talk about the calculation, under which by investing, you can save just 333 rupees per day and deposit a fund of 17 lakh rupees. So let us tell you that by saving this amount every day, your monthly investment will be 10,000 rupees per month. Now according to the interest rate of 6.7%, by investing regularly for 5 years, you will invest a total of 6,00000 rupees and the interest on it will be 1.13 lakh rupees, whereas if you extend it for 5 years, then the interest amount on your total deposit of 12 lakh rupees will increase to 5,08,546 rupees.
After 10 years, you will get a total of Rs 17,08,546 along with interest and principal on the investment made in this scheme. You can change the investment amount according to your convenience. For example, if instead of Rs 10,000 per month, you invest Rs 5,000 per month and extend it for 5 years, then in 10 years you will collect Rs 8,54,272, in which the income from interest alone will be Rs 2,54,272.
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