In this great scheme of the post office, you get 6.7% annual interest rate on investing for 5 years. And the most important thing is that this interest rate is compounded quarterly. Meaning, every three months you will get interest on your interest, which will increase your earnings even more!
What will be the benefits for the customers?
Minimum investment: You can start investing with just Rs 100.
No maximum investment limit: You can invest as much as you want.
5-year period: You have to run your scheme for 5 years, but if you want, you can withdraw money in between.
Invest as per your wish: If you want, you can invest every month or lump sum, it is your choice.
Chance to become a millionaire in 10 years?
With the help of Post Office RD scheme, you can also become a millionaire in 10 years. But for this you will have to deposit a specific amount every month.
For example, if you invest Rs 60,000 every month, then after 10 years you can have a fund of up to Rs 1.02 crore. Your investment in this fund will be Rs 72 lakh and your earnings will be Rs 30.51 lakh.
How to take advantage of the scheme?
If you want to take advantage of this scheme of the post office, then it is important to keep some things in mind. This will give you great returns on your scheme and your savings will also be used properly.
Invest regularly: By investing every month, you will get more benefits of compounding.
Choose your period: You can choose a period of 5 years or 10 years according to your need.
Do not withdraw prematurely: If you withdraw money prematurely, you will get less interest.
Fact Check
The interest rate in the RD scheme of the post office is determined by the government and may change from time to time.
To become a millionaire in 10 years, you have to invest a large amount every month.
Before investing, get complete information about the scheme.