Post Office Scheme: Small saving schemes are incredibly beneficial. The government provides many schemes where investments can start with as little as 100 rupees. One such scheme is the Post Office Recurring Deposit (RD) scheme. With just 100 rupees, you can start investing. The Post Office RD currently offers an annual interest rate of 6.7%, effective from January 1, 2024.
Become a millionaire with Rs 100
Post Office Scheme: The compounding of interest in Post Office RD is done on a quarterly basis. In this government scheme, the investment fund is safe on behalf of the investors. If regular investment is made in this scheme to make money from money, then all the future financial needs can be met. For example, let us assume that the investor saves a minimum of Rs 100 every day. In this sense, Rs 3000 will be saved every month. If this is deposited in the RD account of the post office every month, then an amount of lakhs can be prepared.
Special features of Post Office RD
You can start investing in Post Office Recurring Deposit (RD) with just Rs 100. You can open an account with a minimum of Rs 100. After this, investors can deposit in multiples of Rs 10 each. While there is no maximum investment limit in the scheme. A person can open multiple accounts in Post Office RD.
Apart from single, joint account can be opened for upto 3 persons under the scheme. Parents can open account for minors. The maturity of RD account of post office is in 5 years. But investors can withdraw money only after 3 years i.e. pre-mature closure can be done after 3 years. After depositing 12 installments on RD account in post office, loan upto 50% of the amount deposited in the account can be taken.
How much interest will be earned on RD?
According to the Post Office Recurring Deposit Calculator, Rs 3,000 is deposited every month. In this way, the maturity amount for a period of 5 years in RD will be Rs 2.14 lakh. In this, the total deposit amount from the investor will be Rs 1,80,000. Also, there will be a guaranteed income of Rs 34,097 from interest on the total deposit. That is, a huge amount can be prepared by saving Rs 100 daily and investing monthly. The special thing is that even after maturity, investors can continue the RD account for the next 5 years. Nomination facility is also available in this.
