Post Office RD Scheme: If you deposit Rs 7000 every month in the Post Office RD Scheme for 5 years, then during these 5 years approximately Rs 4,97,400 will be deposited in your account.
Post Office RD Scheme: If you want to save or invest something from your monthly income, then investing money in Post Office Schemes can prove to be a better option for you. Recurring Deposit (RD) is a very popular scheme among post office savings schemes, in which bumper returns can be earned by depositing money on monthly basis. People are given huge interest on investing in this scheme. Investing in it is very easy, safe and reliable. The special thing is that if you invest in the stock market or schemes of any other financial companies, then there are more chances of losing your money. At the same time, if you invest money in this scheme of post office, then there is less chance of drowning. Come, let us know about the Post Office Recurring Deposit Scheme.
How much interest do you get?
If you want to invest in RD of Post Office Schemes, then you should also get information about the interest received on investing in it. At present, the Central Government has increased the interest rate on investing in the Post Office Recurring Deposit Scheme. After investing in this scheme, the investor is paid interest at the rate of 6.7 percent. Along with this, by depositing a fixed amount in this scheme, you get excellent returns on the maturity date.
How much return will you get on an investment of Rs 3000?
Now if you deposit Rs 3000 every month in the RD scheme of the post office for 5 years, then during these 5 years approximately Rs 1,80,000 will be deposited in your account. Now interest is given on this deposit at the rate of 6.7 percent, then the interest amount will be Rs 34,097. This means that if you deposit Rs 3000 every month for 5 years, then on the maturity date you will get a total of Rs 2,14,097.
How to calculate interest rate
According to Policy Bazaar.com, if someone deposits Rs 7000 every month in the post office RD scheme for 5 years, then his total deposit amount will be Rs 4,20,000. Now he will get interest of about Rs 77,400 on this deposit at the rate of 6.7 percent in 5 years. After this, around Rs 4,97,400 will be paid on the maturity date. The formula given below is used to calculate the interest rate.
- Monthly Deposit, R = Rs. 7,000
- Tenure of RD = 5 years
- Total number of quarters in the tenure, n = 5 years
- n = 20 years
- Interest rate at the time of joining RD = 6.7% per annum.
- Therefore, i = 6.7/400 = 0.01675
So, the maturity amount at the end of 5 years tenure will be:
- M =R x [(1 + i) x n – 1] / 1 – (1 + i) (-1 / 3)
- Maturity amount = 7,000
- Maturity amount = Rs. 4,97,400
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