Up to a maximum of 5 lakhs are safe on deposits in banks, while the Government of India has sovereign guarantee on deposits in post offices. By investing small savings every month, you can create a fund of millions.
Corona epidemic period has made people understand the importance of small savings. Investing for saving is also important, only then it will be useful in future needs. Now a lot of people do not see any benefit in making fixed deposits in banks. Everyone wants to invest in a place where money is safe and bumper returns.
Savings and investment have become a necessity for every household today. Everyone wants a guaranteed return. Especially for such people, who are able to save up to 10 thousand only in a month, it is more important for them. In such a situation, the post office recurring deposit (RD) is a better option for them.Here you will get a fixed interest on your deposit, your entire money will also be well protected. Up to a maximum of 5 lakhs are safe on deposits in banks, while the Government of India has sovereign guarantee on deposits in post offices. In such a situation, you can invest lakhs of savings every month to prepare a fund of millions.
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Big work recording deposit scheme
The post office recurring deposit scheme promotes small savings. The maturity period in this scheme is 5 years, but if you wish, you can apply and extend it for the next 5-5 years. You have to deposit at least 100 rupees every month in RD. Your deposit should be in multiples of 10 rupees. The special thing is that there is no maximum investment limit.
Will become millionaire in 10 thousand to 10 years
In the RD scheme of the post office, you are currently getting 5.8 percent interest annually. The special thing is that compounding of interest is done on a quarterly basis. In such an example, suppose that you invest 10 thousand rupees in RD every month and if you continue this for 10 years, you will get 16.28 lakh rupees as maturity . In this, you will get more than one and a quarter lakhs as interest.
Features of this scheme
1. Under this RD scheme of post office, you can open both single and joint account. A joint account can have a maximum of 3 names.
2. This account can also be opened in the name of a child over 10 years of age. Parental supervision will be a necessary condition. Nomination facility is also available at the time of opening an account.
3. The maturity period of RD is 5 years, but you can extend it for the next 5 years by applying before maturity.
Some more advantages
4. Minimum investment in RD account is 100 rupees per month, whereas maximum amount can be deposited in multiples of 10.
5. Interest rates change here on a quarterly basis. You can transfer your account from one post office to another.
6. After one year, you can also take a loan up to 50 percent of your deposit, which can be repaid outright with interest.
