In this Post Office Scheme, you do not need to deposit lump sum money. You can invest by saving from your salary every month.
From stock market to FD, a large number of people of India invest in different places according to their risk appetite. Those who want to avoid risk, invest in government schemes. Most of the people focus on investing in Post Office Small Saving Scheme. In such a situation, we are giving you information about one such scheme of the post office, which will give you a guaranteed return of Rs 80,000.
In this Post Office Scheme, you do not need to deposit lump sum money. You can invest by saving from your salary every month. This scheme is a recurring deposit of the post office, which gives an annual interest of 6.7 percent. Any citizen can earn profits by investing under this scheme.
Account can also be opened in the name of a minor
This monthly investment scheme is risk free and you can start investing in Post Office RD with a minimum of Rs 100, while there is no maximum limit. In RD, an account can also be opened in the name of a minor. However, in this it is also necessary for the parents to give their names along with the document.
How to get return of Rs 80 thousand
If you invest Rs 7000 every month in Post Office RD, then the total investment in five years will be Rs 4,20,000. When maturity is completed after five years, interest of Rs 79,564 will be received. This means that the total amount you will get is Rs 4,99,564.
If you make an RD of Rs 5,000, a total of Rs 60,000 will be deposited in one year and a total of Rs 3 lakh will be deposited in five years. In such a situation, after five years you will get interest of Rs 56,830 at the rate of 6.7 percent and on maturity you will get a total of Rs 3,56,830.
Interest changes every three months
The government makes changes every three months under the Post Office Saving Scheme. TDS is deducted on the interest received under the Post Office RD Scheme, which is refunded as per the income after claiming the ITR. TDS of 10 percent is applicable on the interest received on RD. If the interest received on RD is more than Rs 10 thousand then TDS will be deducted.
