How to make money: Along with income, it is also important to focus on savings and investments. It is not necessary that when you have a large amount, then only you can make a fund of lakhs.
Even if you want to avoid the risk of share market, there are many options in which money will be completely safe and you will also get guaranteed income. One of these schemes is Post Office ie Post Office Recurring Deposit (Post Office RD). Every month you invest Rs 5,000 in the RD of the post office, then in 5 years this amount will be around 3.13 lakhs. The special thing is that your deposit in the post office is completely risk free.
You can start with Rs.100
A small deposit every month in the post office RD becomes a big corpus in the years to come. According to the post office website, a recurring deposit (RD) account can be opened in the post office with just Rs 100. Once the account is opened with Rs 100, you can make further deposits in multiples of Rs 10-10. There is no maximum investment limit in this. The maturity of this account is 5 years.
How much profit on monthly investment of 5000
Post office RD is currently getting 5.8% annual interest. In this, the interest is compounded on a quarterly basis. In this, if you make a monthly deposit of Rs 5000, then after maturity in five years (60 months), you will get about Rs 3.14 lakh. In this, the interest income will be more than 43 thousand.
Children’s account will also be opened
The specialty of the post office RD is that it can be opened even for small children (minors). In this, the parent or legal guardian can open this account for the minor. Any number of accounts can be opened by a person in RD. In this, apart from single, a joint account can be opened up to 3 persons.
Premature closure option
You can withdraw money even before 5 years in post office RD. If you suddenly need money, then you have the option to close the account prematurely. However, this option is available after 3 years from the date of account opening.
Loan will be available on RD
Loan can also be taken against RD account in the post office. According to the rules, after depositing 12 installments, a loan can be taken up to 50 percent of the amount deposited in the account. The loan can be repaid in a lump sum or in installments. The interest rate of the loan will be 2 percent more than the interest on RD.
