Post Office Best Saving Scheme: Post Office runs many small savings schemes and one of them is Recurring Deposit i.e. RD, in which you can open your account by investing just Rs 100 per month.
Post Office Best Saving Scheme: Everyone saves something from their earnings and wants to invest it in a place where their money is safe as well as they get strong returns. In this case, the savings schemes run by the post office are becoming quite popular among the people. Among these, there is a scheme in which you can deposit more than Rs 17 lakh by depositing just Rs 333 daily. We are talking about the Post Office Recurring Deposit Scheme or Post Office RD Scheme, which is considered a piggy bank that gives huge returns to the investors.
Excellent option for risk free investment
All other savings schemes of Post Office are risk free and there is absolutely no risk in RD investment. The government itself guarantees the safety of investment in this. But in this small savings RD scheme with great benefits, you will have to remember to invest every month at the right time, because if you forget to put the installment in any month, then you will have to pay a penalty of 1% per month and if you miss 4 consecutive installments, then this account gets closed automatically. The maturity period of this scheme is 5 years.
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Open an account with just Rs 100
In this Recurring Deposit account (RD), included in the best small savings schemes of Post Office, you can open your account by investing Rs 100 per month. Facility of opening single or joint account is also given in it. If we talk about interest, then at present a strong compound interest of 6.8 percent is being given on this scheme. That is, along with the investors’ money being safe, investors are also getting an amazing interest rate in this government scheme.
The math of raising 17 lakhs from 333 rupees
If we talk about raising funds of more than 17 lakh rupees by investing in this popular scheme of the post office, then its calculation is very easy. If you invest 333 rupees daily in this scheme, then according to this, this amount becomes about 10,000 rupees every month. Meaning, by doing this you will save 1.20 lakh rupees every year. That is, in the maturity period of five years, you will deposit Rs 5,99,400, now if we look at the compound interest at the rate of 6.8 percent in it, then it will become Rs 1,15,427, that is, your total amount will become Rs 7,14,827.
Now if after completion of the maturity period in Post Office Recurring Deposit, you extend your investment for 5 years, that is, you can take advantage of this piggy bank for up to 10 years. Now in 10 years, the amount deposited by you will be Rs 12,00000 and the interest received on it will be Rs 5,08,546. Now after 10 years, after adding the interest, you will get a total amount of Rs 17,08,546.
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