Post Office Best Saving Scheme: The post office runs several small savings schemes and one of them is Recurring Deposit i.e. RD, in which you can open your account by investing just Rs 100 per month.
Everyone saves some amount from their income and wants to invest it in a place where their money is safe and they get good returns. In this case, the saving schemes run by the post office are becoming quite popular among the people. There is one such scheme in which you can deposit more than Rs 17 lakh by depositing just Rs 333 daily. We are talking about the Post Office Recurring Deposit Scheme or Post Office RD Scheme, which is considered a piggy bank that gives huge returns to the investors.
Excellent option for risk-free investment
All other saving schemes of Post Office are risk-free and there is absolutely no risk in RD investment as well. The government itself guarantees the safety of investment in this. But in this small saving RD scheme which has great benefits, you have to remember to invest on time every month because if any month you forget to deposit the instalment then you will have to pay a penalty of 1% per month and if you miss 4 consecutive instalments then this account gets closed automatically. The maturity period of this scheme is 5 years.
Open an account with just Rs 100
In this Recurring Deposit (RD), which is included in the best small savings schemes of the post office, you can open your account by investing Rs 100 per month. Facility of opening single or joint account is also given in this. If we talk about interest, then currently a strong compound interest of 6.8 percent is being given on this scheme. That is, along with the investors’ money being safe, investors are also getting amazing interest rate in this government scheme.
The calculation of raising 17 lakhs from 333 rupees
If we talk about raising funds of more than 17 lakh rupees by investing in this popular scheme of the post office, then its calculation is very easy. If you invest 333 rupees daily in this scheme, then according to this, this amount becomes approximately 10,000 rupees per month. Meaning, by doing this, you will save 1.20 lakh rupees every year. That is, in the five-year maturity period, you will deposit 5,99,400 rupees, now if we look at the compound interest at the rate of 6.8 percent, it will become 1,15,427 rupees, that is, your total amount will become 7,14,827 rupees.
Now if after completion of the maturity period in Post Office Recurring Deposit, you extend your investment for 5 years, that is, you can take advantage of this piggy bank for up to 10 years. Now in 10 years, the amount deposited by you will be Rs 12,00000 and the interest received on it will be Rs 5,08,546. Now after 10 years, after adding the interest, you will get a total amount of Rs 17,08,546.
