Power of 100 Rupees: How do you see the amount of 100 rupees? Very small amount, right… So let us tell you that with this small amount you can also become a millionaire. Because small savings are a great thing. But the condition is that the savings should be kept regular. The government offers many such schemes, in which investment can be started with just 100 rupees. One such scheme is also in your nearest post office, which is called Recurring Deposit Scheme (Post Office RD Account). In this, you can start investing with just 100 rupees. Let us tell you that 6.7% annual interest is being given in Post Office RD, which is applicable from 1 January 2024.
Become a millionaire with a deposit of 100 rupees
Interest compounding in Post Office RD is done on a quarterly basis. The special thing is that the amount deposited by the investors is absolutely safe. That is, there is no risk on investment. If you invest regularly in this scheme to make money from money, then financial needs can be fulfilled. For example, let’s assume that you save Rs 100 every day and Rs 3000 per month. If you do this monthly savings in Post Office RD, then how much amount will you prepare… Let’s understand through calculation…
How much will be the interest income on 5 year deposit
According to the Post Office Recurring Deposit Calculator, if you invest Rs 3,000 every month in RD for a period of 5 years, the maturity amount will be Rs 2.14 lakh, in which the total deposit by the investor will be Rs 1,80,000. There will be a guaranteed income of Rs 34,097 from interest on this. After maturity, investors can continue the RD account for 5 years. Nomination facility is also available in this.
Know about 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 up to 3 persons in the scheme. Parents can open an account for minors. The maturity of Post Office RD account 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 up to 50% of the amount deposited in the account can be taken.
