Post Office Best Saving Scheme: Post Office runs many small saving schemes and it also has a Recurring Deposit i.e. RD, in which you can open your account with an investment of just Rs 100 per month.
Post Office Scheme: Everyone saves some part of their earnings and wants to invest it in a place where apart from keeping their money safe, they also get strong returns. There are various ways of saving, generally ‘Gullak’ is seen in the houses to collect the daily savings and not only children but also elders keep putting small amounts in it. Today we are telling you about one such government piggy bank, in which by depositing Rs 333 every day, you can deposit an amount of Rs 16 lakh. Yes, we are telling you about the Post Office Recurring Deposit Scheme, which is a piggy bank that gives huge returns to investors.
You will get Rs 16 lakh in 10 years
In the country, especially in middle class homes, various types of options for saving (Saving Option for Middle Class) are seen, piggy bank is also included in these. But, the post office Gullak we are talking about, by making small daily savings, you can deposit an amount of Rs 16 lakh in just 10 years. Many types of Small Saving Schemes are operated in the Post Office and Recurring Deposit Scheme i.e. RD is special among them. In this, interest is also given handsomely by the government.
Account is opened with Rs 100, interest is this much
You can open your account in this Recurring Deposit account i.e. RD, which is included in the best small saving schemes of the post office, by investing Rs 100 per month. In this, the facility to open single or joint account is also given. If we talk about interest, currently a strong compound interest of 6.7 percent is being given on this scheme and this new interest rate is applicable from January 1, 2024.
Investing in RD is a risk free investment
All other saving schemes of Post Office are risk free and there is absolutely no risk in RD investment also. In this, the government itself guarantees security on investment. But in this Small Savings RD Scheme with huge benefits, you will have to remember to invest at the right time every month, because if you forget to pay the installment in any month, then you will have to pay a penalty of 1% per month and if your 4 consecutive installments are exempted. If you leave, then this account also gets closed automatically. The maturity period of this scheme is 5 years.
This is the mathematics of raising Rs 16 lakh
Now let us talk about how you can raise an amount of Rs 16 lakh by investing in this piggy bank of the post office. So its calculation is very easy, let us tell you that if you invest Rs 333 daily in this scheme, then this amount becomes approximately Rs 10,000 every month. Meaning, by doing this you will save Rs 1.20 lakh every year. That means you will deposit Rs 6 lakh in the maturity period of five years, now if we look at the compound interest at the rate of 6.7 per cent, it will amount to Rs 1,13,659 i.e. your total amount will become Rs 7,13,659.
Although the maturity period in Post Office Recurring Deposit is 5 years, you can extend it for further five years. That means you can avail the benefit of this piggy bank for up to 10 years. Now in 10 years the amount deposited by you will be Rs 12,00000 and the interest received on it will be Rs 5,08,546. Now after adding the interest, after 10 years you will get the total amount of Rs 17,08,546.
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