If you want to save money by making small savings and do not want to take any risk on investment, then you can invest money in Post Office RD. Investment is made in this scheme for 5 years. If you save and invest even Rs 100 daily, you can save more than Rs 2 lakh. Understand how?
Post offices Scheme: The RD run in banks and post offices is like a piggy bank. You can invest a fixed amount in it every month. You do not get interest on depositing money in the piggy bank, you only get savings. But if you invest in RD, then on maturity this scheme returns the money along with interest. This scheme is very good for those people who invest by making small savings and do not want to take any kind of risk on it.
If you are also thinking of investing in RD, then you can invest money in Post Office RD. Investment is made in this scheme for 5 years. If you save Rs 100 every day and invest in it, then ₹ 2,14,097 will be added in 5 years. You can use this amount anywhere as per your need.
This is how ₹ 2,14,097 will be added
If you add Rs 100 every day, you will add Rs 3,000 in a month. In this way, you can invest Rs 3,000 every month in the RD scheme of the post office. At the rate of Rs 3,000, you will deposit Rs 36,000 annually. In this way, you will invest a total of Rs 1,80,000 in 5 years. Currently, this scheme is getting 6.7% interest. According to this, in 5 years you will get Rs 34,097 as interest and on maturity you will get Rs 2,14,097. In this way, you will add a good amount with small savings and you will not even know. According to the information available on the post office website, RD account can be opened in the post office with Rs 100, while there is no maximum limit of investment in it.
You can also get RD extended
If you want to take advantage of RD even after 5 years, then you can extend it for the next 5 years. The extended account will get the same interest rate which was applicable at the time of opening the account. The extended account can be closed anytime during the extension. In this, the interest rate of RD account will be applicable for full years and interest will be given as per savings account for years less than one year. For example, if you close the extended account after 2 years and 6 months, then you will get interest at the rate of 6.7 percent for 2 years, while on the amount of 6 months, you will get interest at the rate of post office savings account i.e. 4%.
Rules for closing before maturity
If needed, you can close the post office RD even before 5 years. You get this facility after three years from the date of opening the account. But if you close the account even a day before the maturity period, you are given interest equal to that of a post office savings account. Currently, 4% interest is being given on post office savings accounts.
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