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In today's time, SIP is considered a better means of investment, but still there is a large section of people who still do not trust the market. Of course, they will take a little less profit, but they prefer to invest their money in only those schemes in which they get guaranteed returns and the investment is safe. If you are also among such investors then you can invest in Post Office Recurring Deposit-RD. In this you do not need to invest a huge amount in lump sum. You can get better returns even by investing a fixed amount every month.
Post office RD is for 5 years. In this, interest is being given at the rate of 6.7 percent, which is calculated every quarter. In such a situation, you collect a good amount of money. If you invest Rs 7000 every month in Post Office RD, you can add Rs 5 lakh in 5 years and around Rs 12 lakh in 10 years.
Understand how 12 lakhs will be added
If you invest Rs 7000 every month in this scheme, you will invest a total of Rs 4,20,000 in Post Office RD in 5 years. In this you will be given interest at the rate of 6.7 percent. In such a situation, according to the calculation, you will get only Rs 79,564 as interest in 5 years. In such a situation, after adding your invested amount and interest, your maturity amount will be Rs 4,99,564 i.e. around Rs 5 lakh.
Whereas if you extend this RD for another 5 years then you can add around Rs 12 lakh. In this case your total investment will be Rs 8,40,000. On this, only Rs 3,55,982 will be given as interest at the rate of 6.7 percent and on maturity, Rs 11,95,982 i.e. about Rs 12 lakh will be given.
Benefits of Post Office RD
Post Office RD can be opened with Rs 100, this is an amount that anyone can easily save. There is no maximum limit on investment in this.
You get the benefit of compound interest on Post Office RD. In such a situation, you get good profit in the form of interest in 5 years.
A person can open any number of accounts in the Post Office Recurring Deposit Scheme. In this, apart from single, joint account can be opened for three people. There is a facility to open an account in the name of the child also.
The maturity period of RD account is 5 years. However, pre-mature closure can be done after 3 years. There is also a facility for nomination. However, after maturity, the RD account can be continued for the next 5 years.