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Post Office Savings Scheme: Everyone saves some part of their earnings and wants to invest it in a place where along with keeping their money safe, they also get strong returns. There are many ways of saving, generally a 'piggy bank' is seen in homes to collect daily savings and not only children but also elders keep putting small amounts in it. Today we are telling you about such a 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 Rs 16 lakh in 10 years
In the country, especially in the middle class houses, various types of options for savings are seen (saving option for middle class), piggy bank is also included in these. But, in the post office piggy bank we are talking about, you can deposit an amount of Rs 16 lakh in just 10 years by making small savings daily. Many types of small savings schemes are operated in the post office and Recurring Deposit Scheme i.e. RD is special among them. In this, interest is also very good from the government.
Open account with Rs 100, 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, which is included in the best small savings schemes of the post office. In this, the facility to open single or joint account is also provided. If we talk about interest, 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 post office savings schemes are risk free and there is no risk in RD investment also. In this, the government itself guarantees security on investment. But in this small savings RD scheme with huge benefits, you have to remember to invest at the right time every month, because if you forget to pay the installment in any month, you will have to pay a penalty of 1% per month. And if you have missed 4 consecutive installments. If you leave, this account also gets closed automatically. The maturity period of this scheme is 5 years.
This is the mathematics of raising 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 around Rs 10,000 every month. Meaning, by doing this you will save Rs 1.20 lakh every year. That means you will deposit Rs 6 lakh in the maturity period of five years, now if we look at the compound interest at the rate of 6.7 per cent, it will be Rs 1,13,659 i.e. 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 five years. That means you can avail the benefit 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 the total amount of Rs 17,08,546.