Post Office Scheme: The post office RD scheme can help you build a huge corpus. At present, 6.5 percent interest is being received on the RD scheme of the post office. Any person can open it for five years. It can be opened with joint or single account. A minimum investment of Rs 100 can be made in this. However, there is no limit on the maximum.
What is the RD scheme of the post office?
Post office RD scheme is a monthly savings scheme. In this every month you have to deposit a fixed amount. This amount is decided at the time of opening the account. The term of this scheme is usually 5 years. You can even promote it.
How will a big fund be prepared from this scheme?
For example, you start an RD for 5 years at Rs 1,000 per month. In this way you deposited Rs 60,000 in five years and would get an interest of around Rs 11,000. After this, if you extend it further for 5 years, then Rs 1,20,000 will be deposited and interest of about Rs 49,000 will be received on it and Rs 1.69 lakh will be deposited in your account.
Apart from this, if you extend it for 5 years and further, then you will deposit Rs 1.80 lakh and on this you will get an interest of Rs 1.24 lakh. In this way you will be able to deposit Rs 3.04 lakh. Whereas, if you extend it for five more years, you will be able to deposit Rs 2.40 lakh in 20 years and get around Rs 2.51 lakh as interest. In this way, during about 20 years, you can create a big fund by investing 1000-1000 rupees.
Other Post Office Schemes
Apart from RD, you can also invest in other post office savings schemes like PPF, NSC, KVP, SCSS etc.
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