Nowadays everyone wants to save a good amount of money by saving a little bit. But choosing the right method, in which your money remains safe and also grows, seems a bit difficult, isn’t it? Don’t worry! There is a great solution for you – Post Office Savings Schemes! Yes, Post Office schemes are run by the government, so investing money in them is considered absolutely safe.
If you also want to create a big fund by saving a small amount every month, then the Post Office Recurring Deposit (RD) scheme is for you. It is perfect for those people who want to save some money from their income every month and want to earn good profits by depositing it in a safe place.
Post Office RD Scheme is a small savings scheme, in which you can get good returns on maturity by investing a little bit every month. In this scheme, you have to deposit money every month for 5 years, and you can deposit as much money as you want.
Post Office RD Scheme: The best option for investment
Let us tell you that from time to time the government keeps bringing many types of small savings schemes for the people in the post office. Its purpose is that people can save some money for their future, which will be useful in fulfilling their needs later. Post Office Recurring Deposit (RD) Scheme is also one such scheme. In this, you can deposit money every month for 5 years. And the good thing is that if you need money in between, then you can withdraw your money even after 3 years.
6.7% interest in RD scheme, benefit of compound interest
If you are thinking of investing in the Post Office Recurring Deposit (RD) Scheme, then let us tell you that at present the government is giving 6.7% annual interest on this scheme. You get this interest according to compound interest, that is, interest on interest too! In this RD scheme, you can open as many accounts as you want and invest every month. Just keep one thing in mind that your age should be more than 18 years.
Small savings, big benefits: Make good money with Post Office RD
Investing in the Post Office Recurring Deposit (RD) scheme is very easy. Even if your income is low, you can start investing in it with just Rs 100. And there is no maximum investment limit, that is, the more you invest, the more you will benefit. Not only this, if needed, you also get the facility of loan in this scheme.
Just deposit Rs 800 per month and see how much you will get
Let’s understand with an example. Suppose, an investor deposits Rs 800 every month in the Post Office Recurring Deposit (RD) for 5 years. So, in a year he will deposit Rs 9,600. And in 5 years, a total of Rs 48,000 will be deposited. The post office gives 6.7% annual interest on this deposit amount. According to this, in 5 years you will get a total interest of Rs 9,093. And when the scheme is completed, you will get a return of Rs 57,093. Isn’t it amazing?