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Post Office Scheme: In today's time, SIP is considered a better way of investment, despite this there is a large section of people who still do not trust the market. They will definitely take a little less profit, but prefer to invest their money in those schemes in which they get guaranteed returns and the investment remains safe. If you are also one of such investors, then you can invest in Post Office Recurring Deposit (RD). In this, you do not need to invest a large lump sum amount. You can also get better returns by investing a fixed amount every month.
Post Office RD is for 5 years. It gives 6.7% interest, which is calculated on quarterly basis. In this way you can accumulate a good amount. If you invest Rs 7000 every month in Post Office RD, then you can save Rs 5 lakh in 5 years and about Rs 12 lakh in 10 years.
Understand how to save 12 lakhs
If you invest Rs 7000 every month in this scheme, then 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 Rs 79,564 in 5 years only as interest. In such a situation, by adding your invested amount and interest, your maturity amount will be Rs 4,99,564 i.e. about Rs 5 lakh.
If you extend this RD for 5 more years, you can add about 12 lakh rupees. In this case, your total investment will be 8,40,000. On this, you will get Rs 3,55,982 only as interest at the rate of 6.7 percent and on maturity you will get Rs 11,95,982 i.e. about 12 lakh rupees.
Benefits of Post Office RD
Post Office RD can be opened with as little as Rs 100, which is an amount anyone can easily save. There is no maximum investment limit.
You get the benefit of compound interest on Post Office RD. In this way, 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. Apart from single, a joint account can be opened for 3 people. There is also a facility to open an account in the name of a child.
The maturity period of an RD account is 5 years. However, pre-mature closure can be done after 3 years. There is also a nomination facility in this. At the same time, after maturity, the RD account can be continued for another 5 years.