Post Office Scheme: Looking for a scheme with good returns without any risk? You can get returns of Rs.8 lakh risk free in this scheme at post office. Know complete details.
Alert for those who hide money in Post Office Saving Schemes. Recently, the Central Government has increased the interest rates of Small Savings Schemes. The interest rate of the Recurring Deposit scheme available at the post office has increased by 30 basis points.
The central government has increased the interest rate from 6.2 percent earlier to 6.5 percent. This interest rate is applicable for the period July-September 2023. This scheme is useful for those who want to save a certain amount every month for ten years. You can get returns without any risk.
Post Office Recurring Deposit Scheme is available in every post office. Anyone above 18 years can join this scheme. Three people can also open a joint account together. Guardians can open this scheme in the name of minors. In this scheme you can save from a minimum of Rs.100 to a maximum of Rs. First a recurring deposit account can be opened for a period of five years. After that the account can be extended for another five years.
Post Office Recurring Deposit Scheme is currently earning 6.5 percent interest. But this interest is applicable only for July-September period. It is known that the central government revises the interest rates once every three months. So the interest rates of savings schemes may increase, decrease or remain constant.
Savings of Rs.5,000 per month in a post office recurring deposit account for 10 years will yield returns of Rs.8.46 lakh at the current interest rate of 6.5 percent. If the amount deposited in 10 years is Rs.6 lakhs, the interest will be Rs.2.46 lakhs.
It should be remembered that if the government increases the interest rate, the returns will be higher and if the interest rate is reduced, the returns will be lower. Post Office Recurring Deposit Account can be closed after three years of opening. A 50 percent loan can also be taken after one year of account opening.
Many savings schemes of central government are available in the post office. Schemes like Sukanya Samriddhi Yojana, Kisan Vikas Patra, National Savings Certificate, National Savings Monthly Income Account, Senior Citizens Savings Scheme Account are available.
