Post Office Deposit Account: Many times we do not know a good way to invest our money properly, due to which we are not able to earn profits. But if you knew about the schemes correctly, then you could not only make good profits but also get rid of many difficulties in old age.
But there is one such scheme from which you can make a lot of profit. In this post office scheme, you can get up to 8.5 lakh rupees by investing 5 thousand rupees. Actually this is Post Office Recurring Deposit account, which also has government guarantee along with good interest.
Post Office RD: Small savings, big returns
The Post Office Recurring Deposit Scheme is a boon for those who want to create a big fund for the future by saving a little money every month. The biggest feature of this scheme is that there is no risk in it. The money deposited by you is completely safe under the sovereign guarantee of the Government of India. While banks have a guarantee of only up to Rs 5 lakh on deposits, your entire deposit amount is safe in the post office.
In this scheme, you can deposit a small amount every month. The minimum investment is only Rs 100 per month, and the good thing is that there is no limit on the maximum investment. That is, you can invest as much as you want. The maturity period of this scheme is 5 years, but you can extend it for 5-5 years.
In the RD scheme of the post office, you get an interest rate of 6.8%, which is added as compound interest on a quarterly basis. That is, you not only get interest on your money, but also interest on interest. Because of this, your money grows rapidly. You can open both a single account or a joint account in this scheme, which makes it even more flexible.
Deposit Rs 5000, get more than 8.5 lakhs
Now let’s come to the most exciting part of this scheme. If you deposit Rs 5000 every month, then in the maturity period of 5 years you will deposit a total of Rs 3 lakh. On this amount, at an interest rate of 6.8%, you will get an interest of Rs 56,830. That is, after 5 years you will have a total of Rs 3,56,830.
But if you increase this amount for another 5 years, that is, invest for a total of 10 years, then your deposit amount will become Rs 6 lakh. On this, at a compound interest rate of 6.8%, you will get an interest of Rs 2,54,272. In this way, after 10 years you will have a total fund of Rs 8,54,272. That is, with a small saving of just Rs 5000 per month, you can create a fund of more than Rs 8 lakh.
These are the special features of the scheme
The RD scheme of the post office has many such features, which make it very attractive for the common people. Let’s know about them:
- Minimum investment: In this scheme, only Rs 100 needs to be deposited every month.
- That is, people with small savings can also take advantage of it.
- No maximum investment limit: You can deposit as much money as you want. With this, big investors can also take advantage of this scheme.
- Guarantee of security: Your money is completely safe with the sovereign guarantee of the Government of India.
- Loan facility: If you need money, then after 1 year, up to 50% of the deposit amount can be taken as loan.**.
- Transfer facility: This account can be easily transferred from one post office to another.
- Online deposit: You can also deposit installments online through IPPB (India Post Payments Bank) savings account.
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