Most of the people want to invest their capital in such a place, where there is a good increase in their money over time as well as there is no risk of losing money. Therefore, if you are also thinking of investing your blood and sweat in any risk-free scheme, then Post Office Recurring Deposit (RD) is perfect for you.
While the investment in this government scheme is 100% safe, the interest rate of 5.8 percent per annum will also be available. Investment in Recurring Deposit can be done for 1 year, 2 years, 3 years as per your convenience. In the RD scheme of the post office, any person above the age of 18 years can open his account. A joint account can also be opened in this scheme. A guardian can also open an account of his minor child.
The account can also be opened in the name of a child above the age of 10 years. The most important thing about this scheme of investment post office is that the account can be opened even with Rs 100 in it. Therefore, such individuals who do not save much in a month, they can invest in it. Interest is calculated on the deposited money every quarter (at annual rate). Then it is added to your account with compound interest at the end of every quarter.
Such a fund will be made, how you can make a big fund for the future by investing in this scheme, you can understand it with this example. If you invest 10 thousand rupees every month in the post office recurring deposit account for 10 years, then you will get Rs 16,28,963 on maturity after 10 years.