Post Office: As you step into the market, you’ll find many investment choices, yet there might be a lack of information on where good returns are available. We’re here to provide you with detailed insights. Currently, the RD scheme run by the Post Office is regarded as the optimal investment option.
Post Office RD Scheme
This scheme offers customers interest rates higher than those available in banks. Moreover, it provides the freedom to invest as much money as desired. If you are considering saving some of your monthly income, you can invest in this RD scheme (Post Office RD Scheme).
Know what is Post Office RD Scheme
Apart from its role as a postal service, the post office guarantees timely returns on investments made in any of its savings schemes. This assurance has instilled trust among people right from the outset. So today, let’s discuss the returns you can expect if you invest 6000 rupees monthly in the recurring deposit scheme offered by the post office, after a period of 5 years.
Start investing from Rs 100
As you may already know about recurring deposits, in this scheme, a fixed amount needs to be deposited every month upon opening an account. In the post office’s version of this scheme, you can start investing from as little as 100 rupees, and there is no maximum limit to how much you can invest.
By investing in the Post Office RD Scheme, you can enjoy the benefit of earning interest at a rate of 6.7% annually. If you want to capitalize on this interest rate, you have the option to open an account in the Post Office Recurring Deposit scheme at any Post Office branch.
You will get this much on maturity after 5 years
As explained, regular monthly deposits are required in this recurring deposit scheme. If you initiate an investment of 6000 rupees per month into your RD account, the total deposited amount by you over 5 years will amount to 3,60,000 rupees.
Given your deposited sum of 3,60,000 rupees, the Post Office will accrue interest at 6.7% over a 5-year period, resulting in total interest earnings of 68,197 rupees. Adding this interest to your principal, you will receive 4,28,197 rupees upon maturity.
Loan facility will be available here
In case you require funds during the tenure, you have the option to obtain a loan against this RD account. You can borrow up to 50% of the accumulated deposit amount. This loan will be granted against the RD (Post Office Recurring Deposit) after 3 years.
