Post Office RD. In this scheme, you can raise a huge amount of Rs 8 lakh by investing just Rs 5000 every month. The specialty of this scheme is that people can also get loans easily.

In the year 2023, the government gave a gift to the investors by increasing the interest rate on the Post Office Recurring Deposit Scheme. These new rates are applicable in the October-December 2023 quarter. Talking about the interest rate on investment in this scheme, an interest rate of 6.7 percent is available, which is revised on a quarterly basis. But under the scheme, benefits are given on an annual basis.

How to raise Rs 8 lakh just from RD It

is very easy to calculate the investment and interest in Post Office RD and if we talk about how you can raise a fund of Rs 8 lakh by saving just Rs 5,000 per month under this scheme, then let us tell you that if you invest Rs 5,000 every month in the Post Office Recurring Deposit Scheme, then in its maturity period i.e. five years, you will deposit a total of Rs 3 lakh and at the rate of 6.7% interest on this will add Rs 56,830. That means, in total your fund will be Rs 3,56,830 in five years.

Now you should extend this RD for another five years. Meaning if you extend it for the next 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 10 years will be Rs 8,54,272.

You can also take a loan.

You can open an account in Post Office Recurring Deposit Scheme by going to any nearest post office. You can start investing in it 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. Loan facility is also given in this. After the account is active for one year, a loan of up to 50 percent of the deposit amount can be taken. However, the interest rate on the loan is 2 percent higher than the interest rate.

Related Articles:-

• Half-day Holiday: Government declared half day holiday on 2 January 2025
• Flight Baggage Rules Changed: Now passengers can carry only up to 7 kg of luggage in a bag in flight. Check Details
• Driving License: Section 7 Rule 16 (2) is also written on your driving license, what does it mean?
• SEBI has banned more than 15,000 sites and many financial influencers. Details Here
• Train Cancelled: Indian Railways canceled these trains including Vande Bharat, see the full list

The post Post Office’s special scheme: You will earn Rs 2.54 lakh from interest alone… you will also get a loan first appeared on Rightsofemployees.com.

You will get strong returns in this scheme

Among these schemes, there is also a special scheme for farmers which can give you good returns. Its name is Kisan Vikas Patra Scheme. This scheme was started by India Post in 1988. According to the official website, the objective behind this scheme was to encourage long-term financial discipline among people.

How much time will it take for money to double?

Under the government’s Kisan Vikas Patra, 7.5 percent return is available annually (Kisan Vikas Patra Interest Rate). It will take 115 months i.e. 9 years and 7 months for the money to double in this government scheme. That means if someone invests Rs 4 lakh in it, he will get Rs 8 lakh back after 115 months.

How much can you invest?

The minimum investment under this scheme is Rs 1000 and there is no limit on the maximum investment. If you choose to invest the lump sum amount, you will get double the amount by the end of 115 months. It is available in all banks and post offices of the country.

keep this in mind

The government has made PAN card mandatory for anyone investing Rs 50,000 or more to prevent cases of money laundering. For investments of Rs 10 lakh and above, you will have to submit income proof like salary slip, bank statement and ITR documents.

Who can apply? (Kisan Vikas Patra Eligibility)

Only Indian citizens can invest in this scheme. For this, your age should be more than 18 years. An adult can apply for this on behalf of a minor. HUF and NRI are not eligible for this scheme.

The post Post Office’s special scheme, your money will double in 115 months, check details inside first appeared on Rightsofemployees.com.