Post Office Scheme: If you are interested in earning good money without danger, post office schemes may be more suitable for you, since they allow you to earn good money in less time. Post Office Small Savings Schemes, including include Office Recurring Deposits (Post Office RDs), are extremely popular. This strategy allows you to raise a large sum of Rs 8 lakh by investing only Rs 5000 per month. The unique aspect of this program is that it allows consumers to readily obtain loans.
Full Information of Post Office Scheme
In 2023, the government handed investors a gift by raising the rate of interest on the Post Office Recurring Deposit Scheme. These new prices will apply during the October-December 2023 quarter. The interest rate on investment in this program is 6.7 percent, and it is updated quarterly. However, under the system, payments are distributed on a yearly basis. How to collect 8 lakh rupees from just RD.
Table of Contents
It is very simple to estimate the investments and interest in Post Office RD, and if we discuss about how you can earn a fund of 8 lakh rupees under this scheme by saving just 5000 rupees per month, then let us inform you that if you invest 5,000 rupees every month in the Post Office Recurring Payment Scheme, then in its the time of maturity period, i.e. five years, you will contribute a total of 3 lakh rupees and at the rate of 6.7 percent, 56,830 rupees will be included in the interest amount. That means your entire investment will be 3,56,830 rupees in five years.
Now, you should renew this RD for additional five years. Meaning that if you prolong it for the next five years, the amount you deposit in ten years will be Rs 6,00,000. In addition, the interest earned on this savings account at a rate of 6.7% will be Rs 2,54,272. According to this, the total of your deposit fund in 10 years will be Rs 8,54,272.
You could also take a loan
You can open a Post Office Recurring Contribution Scheme account at any Post Office near you. It is possible to invest in it with as little as Rs 100. The maturity period for Post Office RD is five years, however if you want to close the account before that time, this option is also available in this savings program. It also has a loan facility. After a year of account activity, up to 50% of the deposit amount may be borrowed. However, the loan interest rate is two percentage points greater than the interest rate.
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