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Post Office Scheme: Everyone wants to save some part of their income and invest it in a place where their money is safe and they get a good return. There are many ways of saving, usually a 'piggy bank' is seen in homes to collect daily savings and not only children but adults also keep putting small amounts in it. Today we are telling you about one such government piggy bank, in which you can deposit an amount of Rs 16 lakh by depositing Rs 333 every day. Yes, we are telling you about the Post Office Recurring Deposit Scheme, which is a piggy bank that gives huge returns to investors.
You will get 16 lakh rupees in 10 years
There are many types of saving options in the country, especially in middle class households, including piggy banks. But, the post office piggy bank we are talking about, in which you can save small amounts every day and deposit Rs 16 lakh in just 10 years. Many types of small saving schemes are operated in the post office and among them Recurring Deposit Scheme i.e. RD is special. In this, a good amount of interest is also given by the government.
Open an account with 100 rupees, you will get this much interest
You can open your account by investing Rs 100 per month in this recurring deposit account i.e. RD, one of the best small savings schemes of the post office. Facility of opening single or joint account is also given in this. If we talk about interest, then currently a strong compound interest of 6.7 percent is being given on this scheme and this new interest rate is applicable from January 1, 2024.
Investing in RD is a risk free investment
All other savings schemes of Post Office are risk free and there is absolutely no risk in RD investment. The government itself guarantees the safety of investment in this. But in this Small Savings RD Scheme with great benefits, you have to remember to invest on time every month, because if you forget to pay the installment in any month, then you will have to pay a penalty of 1% every month and if you miss 4 consecutive installments, then this account also gets closed automatically. The maturity period of this scheme is 5 years.
This is the math to raise Rs 16 lakh
Now let's talk about how you can raise an amount of Rs 16 lakh by investing in this piggy bank of the post office. So its calculation is very easy, let us tell you that if you invest Rs 333 daily in this scheme, then this amount becomes about Rs 10,000 every month. Meaning by doing this you will save Rs 1.20 lakh every year. That is, you will deposit Rs 6 lakh in the maturity period of five years, now if you look at the compound interest at the rate of 6.7 percent, then it will be Rs 1,13,659, that is, your total amount will become Rs 7,13,659.
Although the maturity period in Post Office Recurring Deposit is 5 years, but you can extend it for another five years. That is, you can take advantage of this piggy bank for 10 years. Now the amount deposited by you in 10 years will be Rs 12,00000 and the interest received on it will be Rs 5,08,546. Now after adding interest, after 10 years you will get a total of Rs 17,08,546.
