Post Office News: Many impactful schemes offered by the postal department have stirred excitement among the public, providing significant benefits. If you aim to financially secure your future through involvement in an excellent scheme, worry not. We’re going to introduce you to a crucial scheme that you must know about.
The post office’s scheme goes by the name Recurring Deposit (RD) Yojana, offering attractive benefits. To enroll in this scheme, it’s vital to grasp several essential points that will alleviate all your concerns. Within this scheme, you can make investments for a duration of 5 years and receive a significant lump sum amount. If you let this opportunity slip by, you might regret it later, so comprehending the pivotal aspects beforehand is imperative.
Important things related to the scheme
In the Post Office RD scheme, if you invest ₹7,000 every month, it’s crucial to understand the key details. If you aim to invest a total of ₹4,20,000 over 5 years in the Post Office RD, you will receive interest calculated at 6.7%. According to the scheme’s calculations, investors will earn ₹79,564 as interest over five years.
In situations like these, combining the invested amount and interest results in a maturity amount of ₹4,99,564, roughly equivalent to a profit of ₹5 lakh. Additionally, before the RD scheme matures, it will need to be extended for another five years. You can continue the RD scheme comfortably for the entire five-year period.
If you invest for 10 years in this scheme, your total investment will reach ₹8,40,000. With an interest rate of 6.7%, you will earn ₹3,55,982 as interest. Altogether, the maturity amount from the RD will be a comfortable ₹11,95,982.
Know where to apply?
If you wish to join the Post Office RD scheme, you must initially apply at the post office. Furthermore, the same interest rates will be applicable to extended accounts. If your account is originally open, you have the option to close the extended account at any point during its tenure.
The RD scheme offers the advantage of interest rates. To illustrate, even if the extended account is kept for 5 years, you can withdraw funds after 3 years and 6 months. You will also gain from a 6.7 percent interest rate within three years.
