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Post office small savings schemes are preferred for providing safe investment as well as excellent returns. One such popular scheme is Post Office RD which is a millionaire making scheme. By investing a fixed amount every month in this, you can accumulate a fund of more than Rs 8 lakh in 10 years. Let us understand the complete calculation…
This much interest will be available in this scheme of Post Office
Savings schemes are being operated in the post office according to every age group, be it children, old people or youth. The Post Office Recurring Deposit Scheme included in these has emerged as an excellent option for investment. In this scheme, the maturity period has been fixed at 5 years, which can be increased to 10 years. Last year itself, in 2023, the interest rate on investment was increased from 6.5% to 6.7%.
You can open an account with just Rs 100
You can open an account in the Post Office Recurring Deposit Scheme by going to any nearest post office. In this, investment can be started from Rs 100, whereas no limit has been set for maximum investment. The maturity period of this scheme is five years. An account can also be opened in the name of a minor in Post Office RD. However, in this the parents are also required to give their names along with the document.
premature loan facility
If you have opened an account in the Post Office RD Scheme and are thinking of closing it due to some problem, then the facility of pre-mature closure is also provided in this Post Office Scheme. Yes, if you want, you can close the account even before the maturity period ends. Loan facility is also provided in this. However, after the account remains active for one year, loan can be taken only up to 50 percent of the deposited amount. Talking about its interest rate, it is 2 percent more than the interest rate you are getting.
In this way you will collect more than Rs 8 lakh in 10 years.
If we calculate investment and interest in Post Office RD, then if you invest Rs 5,000 every month in this scheme, then in its maturity period i.e. five years, you will deposit a total of Rs 3 lakh and it will get interest at the rate of 6.7 percent. But Rs 56,830 will be added. After this your total fund will become Rs 3,56,830. Now if you extend this account for five more years, then the amount deposited by you in 10 years will be Rs 6,00,000. Along with this, the amount of interest on this deposit at the rate of 6.7 percent will be Rs 2,54,272. In this way, your total deposited fund in the period of 10 years will be Rs 8,54,272.
Keep in mind here that TDS is deducted on the interest received on investments in Post Office RD Schemes, which is returned as per the income after the investor claims ITR. 10 percent TDS is applicable on the interest received on RD. If the interest received on RD is more than Rs 10,000 then TDS will be deducted.