Post Office operates savings schemes for every age group and every class, which not only guarantee safe investment but also provide excellent returns. Recurring Deposit Scheme is also a great option included in this.
Post office Special Scheme: Everyone saves something from their earnings and wants to invest it in a place where their money is safe as well as they get strong returns. In this regard, Post Office Small Saving Schemes are very popular. These also include Post Office Recurring Deposit i.e. Post Office RD, in which you can raise a huge amount of Rs 8 lakh by investing just Rs 5000 every month. The special thing is that loan is also easily available on investment in this scheme.
This much interest is available on the scheme
Last year itself in 2023, the government had given a gift to the investors by increasing the interest rates on Post Office Recurring Deposit Scheme. These new rates are applicable in the October-December 2023 quarter. Talking about the interest rate on investment in this scheme, then an interest rate of 6.7 percent is available. It is worth noting that the interest rates of the Post Office Small Savings Schemes are revised by the government every three months, the last revision in this scheme was done on 29 September 2023.
This is how you will raise a fund of Rs 8 lakh
It is very easy to calculate the investment and interest in Post Office RD and if we talk about how you can raise a fund of Rs 8 lakh under this scheme by saving just Rs 5000 per month, then let us tell you that if you invest Rs 5,000 every month in the Post Office Recurring Deposit Scheme, then in its maturity period i.e. five years, you will deposit a total of Rs 3 lakh and Rs 56,830 will be added to the interest at the rate of 6.7 percent on it. That is, in total, your fund will be Rs 3,56,830 in five years.
Now you do not have to stop here, but you can extend this RD account for another five years. Meaning if you extend it for the next five years, then the amount deposited by you in 10 years will be Rs 6,00,000. Along with this, the interest amount on this deposit at the rate of 6.7 percent will be Rs 2,54,272. According to this, your total fund deposited in a period of 10 years will be Rs 8,54,272.
You can take loan up to 50 percent
You can open an account in Post Office Recurring Deposit Scheme by going to any nearest Post Office. Investment can be started in it from Rs 100. The maturity period of Post Office RD is five years, but if you want to close the account before the completion of this period, then this facility is also available in this saving scheme. The investor can get pre-mature closure after 3 years. Loan facility is also given in this. After the account is active for one year, a loan of up to 50 percent of the deposited amount can be taken. However, the interest rate on the loan is 2 percent higher than the interest rate.
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