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From stock market to FD, a large number of people in India invest in different places according to their risk appetite. People who want to avoid risk invest in government schemes. Most people focus on investing in Post Office Small Savings Scheme. In such a situation, we are giving you information about a scheme of the post office, which will give you a guaranteed return of Rs 80,000.
In this scheme of post office, you do not need to deposit lump sum money. You can invest by saving from your salary every month. This scheme is a recurring deposit of the post office, which gives an annual interest of 6.7 percent. Under this scheme, any citizen can earn profits by investing.
Account can also be opened in the name of a minor
This monthly investment plan is risk free and you can start investing in Post Office RD with a minimum of Rs 100, while there is no maximum limit. In RD, an account can also be opened in the name of a minor. However, it also requires the parents to provide their names along with the document.
How to get return of Rs 80 thousand?
If you invest Rs 7000 every month in Post Office RD, the total investment in five years will be Rs 4,20,000. On completion of maturity after five years, interest of Rs 79,564 will be received. This means that you will get total amount of Rs 4,99,564.
If you make an RD of Rs 5,000, then a total of Rs 60,000 will be deposited in one year and a total of Rs 3 lakh in five years. In such a situation, after five years you will get an interest of Rs 56,830 at the rate of 6.7 percent and on maturity you will get a total of Rs 3,56,830.
Interest changes every three months
Under the Post Office Saving Scheme, the government makes changes every three months. TDS is deducted on the interest received under the Post Office RD Scheme, which is refunded as per the income after claiming ITR. TDS of 10 percent is levied on the interest received on RD. If the interest received on RD is more than Rs 10 thousand then TDS will be deducted.