Post Office RD Scheme: Safe investment and strong returns are two key characteristics of post office government schemes. If you’re planning to invest in a scheme, these can prove to be an excellent option. The high interest rates offered by the government further enhance their popularity. One such scheme is the Post Office Recurring Deposit Scheme, in which a daily investment of just ₹333 can yield a substantial corpus of ₹1.7 million upon maturity.
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Risk-Free Investment, Government Provides Security
The most important feature of Post Office Schemes is that any investment, whether large or small, is completely safe. Simply put, these are considered risk-free savings schemes because the government itself guarantees the safety of the investment. Post Offices offer small savings schemes for all age groups, offering excellent interest rates.
This much interest on Post Office RD
The government provides 6.7% interest on investments made in the Post Office Recurring Deposit Scheme. Investors can start investing with just ₹100. Minors as young as 10 years old are allowed to open an account. However, they can open the account with the assistance of their family members. After turning 18, they can operate the account themselves by completing a new KYC and fresh opening form.
5-Year Maturity, Know These Rules
The maturity period of this government scheme is 5 years. If you wish, you can extend it for another 5 years. The monthly deposit rules under the Post Office RD Scheme are different from other schemes. If the account is opened before the 16th of a calendar month, the next deposit amount equal to the previous deposit will be made by the 15th of each month. If the account is opened between the 16th and the last working day of a calendar month, the deposit will be made between the 16th and the last working day of each month.
Pre-closing loan at 2% interest
If you wish to close your account before the maturity period is complete, this savings scheme also offers this option. You can choose the premature closure option after three years. In the event of the account holder’s death, the nominee can claim the account and continue it if desired. Additionally, the Recurring Deposit Scheme offers investors a loan. After the account has been in operation for one year, up to 50% of the deposit amount can be taken as a loan, at an interest rate of 2%.
Here’s the calculation for earning 17 lakh rupees
You can accumulate a corpus of 17 lakh rupees by saving just 333 rupees daily. The calculation is very simple. By saving this amount daily, your monthly investment will amount to 10,000 rupees. At the government’s interest rate of 6.7%, you will invest a total of 600,000 rupees for a 5-year regular investment, earning an interest of 1.13 lakh rupees. Your corpus will grow to 713,659 rupees. If you extend this for another 5 years, the total deposit will be 12 lakh rupees, and the interest earned will increase to 508,546 rupees. The total corpus will now be 1708,546 rupees. You can choose your investment amount, and your benefits will be based on that.
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