By investing in this scheme of post office, you can prepare a fund of 17 lakh rupees.
If you are looking for an investment option in which the risk is negligible and the returns are also good, then the small saving schemes of the post office can be a great option for you. These schemes supported by the government give the common people an opportunity to make a habit of investing with small amounts and prepare a big fund for the future.
The special thing is that investing in these schemes is not only easy, but also completely safe. One such wonderful scheme is the recovery deposit (RD) scheme of the post office, in which you can save a fund of up to Rs 17 lakh by saving only ₹ 333 per day. Let’s know how…
How will 17 lakhs be made by saving ₹ 333 daily?
Talking about calculations to prepare a fund of 17 lakhs from the RD scheme of the post office, if you save ₹ 333 daily, then your investment will be ₹ 10,000 in a month. The total investment on depositing this amount for 5 years will be ₹ 6 lakh. According to the interest rate of 6.7%, you will get an interest of about ₹ 1.13 lakh. If you increase it more 5 years, then the total investment will increase to ₹ 12 lakh and the interest amount will increase to ₹ 5.08 lakh. In this way, after 10 years, you will get a fund of a total of ₹ 17,08,546, that too by saving ₹ 333 daily.
Only ₹ 100 can start investing
In the RD scheme of the post office, you can start investing with a minimum of ₹ 100. This is a monthly saving scheme, in which one has to deposit a fixed amount every month. Currently, 6.7% annual interest is being given on this scheme, which is available with quarterly compounding. The specialty of this scheme is that a person of every age group can invest in it.
The maturity period of this scheme is 5 years. If investors want, then this period can be extended by 5 years, that is, in total, it can be invested for 10 years. The special thing is that if for some reason you have to close the account, then after 3 years, the option of pre-mature closure is also available. The scheme also provides the facility of Namini, so that a nominee can claim or contain the nominee account in the event of death of an investor.
Loan facility is also available
Another specialty of the post office RD scheme is that it also provides loan facility. If you have invested continuously for one year, then up to 50% of the deposit can be taken. Only 2% additional interest has to be paid on this, that is, if needed, this scheme also gives you financial support.