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India Post offers 5 years RD to its customers. At present the interest rate on this is 6.7% per annum. This is the interest rate compounded quarterly.
A minimum investment of Rs 100 per month can be made in Post Office RD. There is no limit on maximum investment.
Post Office RD becomes mature after 5 years of opening. But it can be extended further for 5 years.
You can create a big fund by investing your small savings every month in Post Office RD.
If you want to raise a fund of Rs 30 lakh in 10 years from Post Office RD, then you will have to invest Rs 18,000 every month.
In this way your total investment in 10 years will be Rs 21,60,000. There will be interest income of Rs 9,15,385. In this way the total fund will be Rs 30,75,385.
