Post Office RD Scheme
If you want to earn good money by keeping your money in a safe place, then Post Office Small Savings Scheme is a great option for you. One of these schemes is Post Office Recurring Deposit (RD), in which you can create a huge amount by depositing a small amount every month. The special thing is that the interest rate in this scheme is attractive and the security is guaranteed by the government itself.
Government is giving attractive interest of 6.7%
Post Office RD is especially beneficial for those who want safe returns with low risk. In this, the government is currently offering an annual interest rate of 6.7%, which is better than many fixed income options. If you deposit Rs 5,000 every month, then after 5 years and then its extension, you can earn a good amount from interest alone.
Know the complete calculation
The calculation of Post Office RD is easy to understand. If you deposit Rs 5,000 every month for 5 years, the total investment is Rs 3 lakh. During this period, interest of approximately Rs 56,830 is available at 6.7% interest rate. That means after 5 years you will have Rs 3,56,830. If you extend this RD for the next 5 years, the total deposit amount will be Rs 6 lakh. And after 10 years the total interest received on this will be approximately Rs 2,54,272. In this way, after 10 years your total fund becomes Rs 8,54,272.
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With how much money can you start investing?
The most special thing about this scheme is that you can open your account with just Rs 100. RD account can be easily opened by visiting any nearest post office. Apart from this, the facility of premature closure is also available in it, that is, if necessary, the account can be closed before maturity.
If needed, you can also take a loan
Another big advantage of Post Office RD Scheme is loan facility. If you have operated your RD account regularly for at least 1 year, you can take a loan up to 50% of the deposit amount. Only 2% additional interest has to be paid on this loan, which is generally much lower than the market rates.