Post office recurring deposit can be a good option if you want to build a big fund with small investment.
Post Office Scheme: The market is full of many investment options and the returns offered on many of these schemes are very attractive. However, some of these investments involve risk. Many investors prefer safe investment schemes with low returns as they are low in risk. If you are also looking for low-risk returns or investment options, then this post office scheme can come in handy for you. Recurring deposit scheme offered by Indian Post is one such policy. In this account can be opened for 100 rupees. If you also want to build a big fund with a small investment, then post office recurring deposit can be a good option.
This much fund can be made in 10 years
Post Office Recurring Deposits are operated for a tenure ranging from 5 years to 10 years. In this every month you have to deposit 10 thousand rupees. On depositing 10 thousand rupees every month for 10 years, you will deposit 12 lakh rupees and on getting interest at the rate of 5.8 percent, you will get Rs 16,26,476. This investment is also for 5 years.
Here are its benefits
If you are not able to deposit money in the recurring deposit in between and it gets closed in between then you can start it again. According to the rule, if 4 installments are not paid continuously on time, then the account gets closed, but to start again, you will have to pay a late installment penalty of 1 rupee on 1 rupee.
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