Post Office RD: Although there are many options for saving in the market, even today there are many people who prefer to invest money in recurring deposit scheme. There is no risk of any kind in this. In this scheme, you get a return of 6.7 percent per annum. It gives compound interest.
In today’s economic era, everyone wants to earn a lot of money. If you also want to create a big fund by saving little money, then the Post Office Recurring Deposit (RD) scheme can prove to be a better option for you. In this scheme, there is no need to block the capital at once. In recurring deposit, you can deposit small amounts every month like mutual fund SIP. Facility to open recurring deposit account is available in Post Office. Interest on recurring deposit is also available like FD. At the same time, it promotes investment for a long period.
In this scheme, you get a return of 6.7 percent per annum. It gives compound interest. That is, you get interest on interest as well. In such a situation, if you invest Rs 5000 every month in this scheme continuously for 5 years, then you will invest a total of Rs 3 lakh. On maturity, you will get a total of Rs 3,56,830. In such a situation, you will get a total profit of Rs 56,830 in this scheme.
Know what is the RD scheme of Post Office
Post Office’s RD scheme is considered better in terms of investment. You can open an account by depositing Rs 100. There is no limit on the maximum deposit amount. A minor above 10 years can also open an account with his parents. After turning 18, he will have to fill a new KYC and form.
But the period in post office RD is 5 years. That means if you invest, you will have to wait for at least 5 years. If you want, you can close the account after 3 years of opening it. If the account holder dies, the nominee can either claim the amount or continue the account. You can also open this account through mobile banking or e-banking.
How to prepare a fund of Rs 17 lakh?
Post Office gives a fixed return of 6.7% on recurring deposits. You can invest a minimum of Rs 100 in this scheme. But to raise a fund of Rs 17 lakh, you will have to invest Rs 333 daily. That is, you can say about Rs 10,000 per month. If you invest Rs 10,000 per month, then you can easily create a fund of Rs 17 lakh in a few years.
Fund is prepared without any risk
Funds are ready in the post office without any risk. Your money is completely safe here. In such a situation, it is a better option for investment than other places. However, you should invest here with discretion and take advice from your financial advisor.
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