If you invest Rs 10,000 every month in Post Office RD scheme for 10 years, then after 10 years you can get more than Rs 16 lakh @ 5.8%.
If you want to invest money for high profit and also do not want to take risk then investing in post office schemes would be the best option for you. Investing in the post office is considered the safest. There are many such schemes here, by investing in which you can earn lakhs of rupees in a few years. In Post Office Savings Scheme your money is safe as well as your returns. Good returns are also given to you in these schemes.
Your money is not going to sink in the Post Office Recurring Deposit Account. In this, you have to get your money in full. You can invest Rs 100 per month in this scheme. While there is no limit on the maximum amount. Savings deposit account can be opened for five years. However, if you have completed five years and you want to extend it further, then you can continue it for 10 years or more. Interest on the deposited money is calculated every quarter (as per the annual rate) and is added to your account (including compound interest) at the end of every quarter.
Interest rate and profit
The rate of Post Office Recurring Deposit Account Scheme is compounded quarterly on an annualized rate of interest, with an interest rate of 5.8%, this new interest rate is applicable from April 1, 2020. Explain that the central government has fixed the interest rates of all its small savings schemes every quarter. According to this, if you invest Rs 10,000 every month in the Post Office RD scheme for 10 years, then after 10 years you can get more than Rs 16 lakh at the rate of 5.8%. But for this your account should be active. That is, money should be deposited regularly every month. If you do not deposit money in a month, then you will have to pay a penalty of one percent every month. Your account will be closed if you miss 4 consecutive installments.
On the death of the account holder
If the account holder dies before the completion of five years of the account, then the amount deposited along with interest is given to the claimant of this account. But this amount is given only to the claimant or nominee of the account holder. The account holder can also continue the account if he so desires.
How to open account
If you want to open an account in this scheme, then you can open the account by visiting your nearest post office. You can open the account with an investment of Rs.100. For this you can use cheque, digital or any other medium. If you want to open an account online, you can open the account by visiting the link https://www.indiapost.gov.in/.
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