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Post office small savings schemes are preferred for safe investment as well as giving great returns. One such popular scheme is Post Office RD which is a crorepati 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's understand the complete calculation…
You will get this much interest in this scheme of Post Office
Savings schemes are being run in the post office according to every age group, be it children, old or young. The Post Office Recurring Deposit Scheme included in these has emerged as an excellent option for investment. The maturity period in this scheme has been fixed at 5 years, which can be extended to 10 years. Last year in 2023 itself, the interest rate on investment in it was increased from 6.5% to 6.7%.
You can open an account with just Rs 100
You can open an account in Post Office Recurring Deposit Scheme by going to any nearest post office. Investment can be started from Rs 100, while there is no limit 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, it is necessary for the parents to also give their name along with the documents.
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 scheme of the post office. 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, only up to 50 percent of the deposited amount can be taken as loan. Talking about its interest rate, it is 2 percent more than the interest rate you are getting.
In this way, you will be able to collect more than 8 lakh rupees in 10 years
If we assess the 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 Rs 56,830 will be added to it as interest at the rate of 6.7 percent. After this, your total fund will be Rs 3,56,830. Now if you extend this account for another 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. In this way, your total deposit fund in a period of 10 years will be Rs 8,54,272.
Keep in mind here that TDS is deducted on the interest earned on investment in post office RD schemes, which is refunded as per the income after the investor claims ITR. 10 percent TDS is applicable on the interest earned on RD. If the interest earned on RD is more than Rs 10,000 then TDS will be deducted.
