You can open an account in Post Office Recurring Deposit Scheme by visiting any nearest Post Office. You can start investing in it from Rs 100. The maturity period of Post Office RD is five years.
Due to losses in the stock market, most people are now moving towards safe investments. They want to earn good profits with less risk. For this very purpose, the Small Savings Scheme has been started by the Post Office. This is a scheme that gives guaranteed income to investors along with safe investment. Many schemes have been included under this, in which you can save a lot of money by investing.
One of these is the Recurring Deposit Scheme (RD Scheme), which comes with a maturity period of 5 years. You can open an account in the Post Office Recurring Deposit Scheme by going to any nearest post office. Investment can be started in this from Rs 100. The maturity period of Post Office RD is five years, but if you want to close the account before the completion of this period, then this facility is also available in this saving scheme.
Gets great interest
Investor can get pre-mature closure after 3 years. Loan facility is also given in this. After the account is active for one year, up to 50 percent of the deposit amount can be taken as loan. However, the interest rate on the loan is 2 percent more than the interest rate. Talking about the interest under this scheme, the interest of RD Scheme is 6.8 percent.
5 thousand will make more than 8 lakhs.
If we calculate the investment and interest in Post Office RD, then if you invest 5,000 rupees every month in this scheme, then in its maturity period i.e. five years, you will deposit a total of 3 lakh rupees and at the rate of 6.7 percent, the interest on it will add Rs 56,830. That means in total, your fund will be Rs 3,56,830 in five years.
Now if you extend the RD account for another five years, then the amount deposited by you in 10 years will be Rs 6,00,000. Along with this, the interest amount on this deposit at the rate of 6.7 percent will be Rs 2,54,272. In this way, your total fund deposited in a period of 10 years will be Rs 8,54,272.
