Post Office scheme: Invest Rs 333 per day in this plan and get around Rs 16 lakh at maturity
Many middle-class salaried individuals in India are turning to the Post Office for safe investment options that offer good returns. The Post Office provides various schemes, such as the Post Office Recurring Deposit Account, which is an attractive alternative to bank Fixed Deposits (FDs) and Recurring Deposits (RDs) due to its higher returns.
Opening a Post Office Recurring Deposit (RD) account is a hassle-free process and is available to any adult or child over the age of 10. The minimum monthly deposit amount is Rs 100, and individuals can increase their contribution by multiples of Rs 10 each month. The current interest rate offered by the Post Office RD is 5.8 per cent, which is determined by the government every quarter.
You May Also Like
- India Post GDS 2nd Merit List 2023 Link Out, Check @ Indiapostgdsonline.gov.in
- NSP Scholarship Disbursement: Get Ready to Receive Your Funds in Your Bank Account
- CUET Application Form 2023: Registration Form, Exam Date, Application
- RPF Recruitment 2023 Check Eligibility, Application Process, and Exam Pattern
To mature, the account requires a minimum of five years or 60 months from the opening date, whichever comes first. Depositors are permitted to withdraw up to 50 per cent of their deposit balance one year after opening the account. After one year of opening the account, depositors can take a loan of up to 50 per cent of the deposit amount.
One of the most significant benefits of investing in a Post Office RD is the safety and security of the principal amount and the interest earned over time. The risk involved is relatively low, making it an attractive option for those who want to invest small amounts of money regularly.
If an individual invests Rs 10,000 every month, which amounts to approximately Rs 333 per day, at the current interest rate of 5.8 per cent, they can receive a return of around Rs 16 lakh after ten years. The total deposit for ten years will be Rs 12 lakh, and the estimated return will be around Rs 4.26 lakh, resulting in a total return of Rs 16.26 lakh. The compound interest is calculated every quarter, generating frequent earnings for investors.
Get Results & Other Updates on WhatsApp
|Whatsapp Group Link 1||JOIN WHATSAPP|
|Whatsapp Group Link 2||JOIN WHATSAPP|
|Whatsapp Group Link 3||JOIN WHATSAPP|