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Post Office RD: Are you also planning to invest in post office schemes? The government is running the post office scheme. The government gives guarantee on its returns. If you do not have money to invest together, then you can save money from your salary every month and invest in post office schemes. You can invest a fixed amount every month in Post Office Recurring Deposit. Post Office RD is getting 6.7 percent annual interest.
You will get interest by investing Rs 7,000 on RD
By investing Rs 7,000 every month in RD, you will invest a total of Rs 4,20,000 in 5 years. You will get interest of Rs 79,564 after 5 years and Rs 4,99,564 on maturity.
In an RD of Rs 5,000 every month, you will invest Rs 60,000 in one year and a total of Rs 3,00,000 in five years. You will get Rs 56,830 as interest at the rate of 6.7 percent after 5 years. On maturity you will get Rs 3,56,830.
If you invest Rs 3,000 in RD every month, you will invest Rs 36,000 in a year. Your total investment in 5 years will be Rs 1,80,000. According to the post office RD calculator, according to the new interest rates, you will get Rs 34,097 as interest. On maturity you will get a total of Rs 2,14,097.
Post office savings scheme changes every three months
TDS is deducted on the interest received on RD. TDS of 10% is applicable on the interest rates received on RD. If the one month interest on RD is more than Rs 10,000 then TDS will be deducted. The Finance Ministry of the Central Government reviews the interest received on small savings schemes every three months.