Post Office RD: In the year 2023, the government gave a gift to the investors by increasing the interest rate on the Post Office Recurring Deposit Scheme. These new rates are applicable in the October-December 2023 quarter. Talking about the interest rate on investment in this scheme, an interest rate of 6.7 percent is available, which is revised on a quarterly basis.
Post Office RD: If you want to earn good money without risk, then post office schemes can be better for you, which can make good money in a short time. Post Office Small Saving Schemes are very popular, which also includes Office Recurring Deposit i.e. Post Office RD. In this scheme, you can raise a huge amount of Rs 8 lakh by investing just Rs 5000 every month. The specialty of this scheme is that people can also get loans easily.
In the year 2023, the government gave a gift to the investors by increasing the interest rate on the Post Office Recurring Deposit Scheme. These new rates are applicable in the October-December 2023 quarter. Talking about the interest rate on investment in this scheme, an interest rate of 6.7 percent is available, which is revised on a quarterly basis. But under the scheme, benefits are given on an annual basis. How to raise 8 lakh rupees from just RD
It is very easy to calculate the investment and interest in Post Office RD and if we talk about how you can raise a fund of 8 lakh rupees under this scheme by saving just 5000 rupees per month, then let us tell you that if you invest 5,000 rupees every month in the Post Office Recurring Deposit Scheme, then in its maturity period i.e. five years, you will deposit a total of 3 lakh rupees and at the rate of 6.7 percent, Rs 56,830 will be added to the interest amount. That is, in total, your fund will be Rs 3,56,830 in five years.
Now you should extend this RD for five more years. Meaning, if you extend it for the next five years, then in 10 years the amount deposited by you will be Rs 6,00,000. Along with this, at the rate of 6.7 percent, the interest amount on this deposit will be Rs 2,54,272. If seen in this way, then in 10 years, your total deposit will be Rs 8,54,272.
You can also take a loan
You can open an account in Post Office Recurring Deposit Scheme by going to any nearest Post Office. Investment can be started from Rs 100 in it. The maturity period of Post Office RD is five years, but if you want to close the account before the completion of this period, then this facility is also available in this savings scheme. Loan facility is also given in this. After the account is active for one year, a loan of up to 50 percent of the deposit amount can be taken. However, the interest rate on the loan is 2 percent higher than the interest rate.
