Post Office RD Scheme: If you do not want to take risk by investing in a market linked scheme, then invest in Post Office RD. This scheme is like a piggy bank, in which you can deposit a fixed amount in installments every month.
Post Office RD scheme: Like banks, many savings schemes are run in Post Office too. One of them is Post Office RD. This scheme is like a piggy bank in which a fixed amount has to be deposited every month. This amount is given to you with interest after maturity. The term of Post Office RD is 5 years. Currently, interest is being given on this RD at the rate of 6.7%.
Interest is calculated on a quarterly basis. The better the amount you deposit, the bigger the amount you can add through interest. If you want, you can add up to Rs 12 lakh through post office RD, but for this you will have to run an RD of ₹ 7000 every month. Know here how to add Rs 12 lakh.
This is how big money will be added
If you invest Rs 7000 every month in this scheme, then you will invest a total of Rs 4,20,000 in Post Office RD in 5 years. In this, you will be given interest at the rate of 6.7 percent. In such a situation, according to the calculation, you will get Rs 79,564 in 5 years only as interest. In such a situation, by adding your invested amount and interest, your maturity amount will be Rs 4,99,564 i.e. about 5 lakh rupees.
But you will have to extend the RD for the next 5 years before it matures, that is, the RD will have to be run for a full 10 years. If you invest for 10 years continuously, your total investment will be Rs 8,40,000. On this, you will get Rs 3,55,982 only as interest at the rate of 6.7 percent and on maturity you will get Rs 11,95,982 i.e. almost 12 lakh rupees.
This is how the extension will happen
To get the extension of Post Office RD, you will have to apply in the concerned post office. The same interest rate will be applicable on the extended account at which the account was originally opened. The extended account can be closed at any time during the extension period. For full years you will get the benefit of RD interest rate, for a period of less than one year, the interest rate of Post Office Savings Account will be applicable.
For example- If you withdraw money from an account extended for 5 years after 3 years and 6 months, then you will get 6.7 percent interest for the entire three years, but for 6 months, the post office savings account will give you 4 percent interest. But if you want to make Rs 12 lakh from post office RD, then you will have to invest Rs 7000 for the entire extended period of 5 years.
