Get Rs 8 lakh in 10 years by investing Rs 5000 every month

Everyone wants to save a part of their hard-earned money and invest it in a safe place so that they can get good returns in future. One such popular and safe scheme is Post Office Recurring Deposit (Post Office RD)Through this scheme, you can create a huge fund of Rs 8 lakh in 10 years by investing just Rs 5000 every month. In this, your money remains safe and you also get attractive interest on investment. Easy loan facility against investment is also available in this scheme.

This is the interest rate available on Post Office RD

Government in 2023 Post Office Recurring Deposit (RD) But interest rates were increased. For the quarter October-December 2023, it 6.7% The interest rate was implemented. The government reviews the interest rates of post office small savings schemes every three months. Last revision in RD interest rate 29 September 2023 Was done.

With this interest rate, this scheme becomes a great option for investors, which provides good returns along with safe investment.

How to prepare a fund of Rs 8 lakh

It is quite easy to calculate investment and interest in Post Office RD Scheme. Let us know how you can create a corpus of Rs 8 lakh in 10 years by investing Rs 5000 per month:

1. First 5 years:
   • If you every month 5000 rupees If you invest, the total deposit amount in 5 years (60 months) will be:
     Rs 5000 × 60 months = Rs 3,00,000
   • on this amount 6.7% At an interest rate of Rs. Rs 56,830 You will get interest of Rs.
   • Your total fund in 5 years will be:
     3,00,000 + 56,830 = Rs 3,56,830
2. Next 5 years:
   • If you extend this RD account for 5 more years and continue investing Rs 5000 every month, the deposit amount in 10 years will be:
     Rs 5000 × 120 months = Rs 6,00,000
   • on this deposit 6.7% At an interest rate of Rs. Rs 2,54,272 You will get interest of Rs.
   • Your total fund in 10 years will be:
     6,00,000 + 2,54,272 = Rs 8,54,272

In this way, by saving just Rs 5000 per month, you can earn Rs. Rs 8.54 lakh Can prepare a big fund of Rs.

Loan facility in RD scheme

Investors also get loan facility under Post Office RD Scheme. To open RD account after 1 year You can use the amount deposited in it 50% You can take loan up to Rs. However, the interest rate on this loan is higher than the interest rate on RD. 2% more it occurs.

Loan Features:

• The loan can be used in any emergency.
• Taking a loan does not affect your RD savings.
• Maturity period of RD account 5 years is of, but if you want it fast forward 5 years Can.

How to open post office RD account

The process of opening a post office RD account is very easy. You can open it by going to any nearest post office.

Things required to open RD account:

1. KYC Documents: Aadhar Card, PAN Card, Voter ID, etc.
2. Minimum amount: Only 100 rupees You can open an account from.
3. Joint Account: If you want, you can also open a joint account.
4. Online Facility: Now the facility to open RD account online is also available in many post offices.

RD account pre-mature closure

If you need money before maturity, you can pre-mature close the RD account after 3 years. However, in this situation you may get some less interest.

Benefits of Post Office RD

1. Safe Investment: Secure investment guaranteed by the government.
2. Attractive interest rates: Returns of 6.7% are available.
3. Small Savings: You can start investing from Rs 100.
4. Loan Facility: You can take loan up to 50% of the deposited amount.
5. Pre-mature closure: If needed, the account can be closed after 3 years.