Post Office Recurring Good returns on money without risk savings, get 16 lakh
Here we come with a new IMP news In our informative blog site knowing steps360. Most families in the country want to invest money in no-risk or least-risk options. At the same time, in the current situation caused by the coronavirus epidemic, people are looking for more safe investment options. If you are also looking for a completely safe investment, then post office savings schemes can prove to be a better option.
You also get better returns in post office schemes. Small saving schemes of the post office are also better than bank fixed deposits in many ways. In this, there is a huge earning on investment with low cost. One such post office scheme is the Post Office Recurring Deposit. In this, the investor gets excellent returns.
One can start investing in an RD scheme with very little money
Through the post office's recurring deposit scheme, you can start investing with very little money. Apart from this, your money is also completely safe in this scheme. In this, you can start investing from Rs 100 a month. At the same time, there is no limit to the maximum amount of investment, that is, you can invest as much money as you want. Post office RD deposit account is a government guarantee scheme to deposit small installments with better interest rates.
Calculation of interest
RD account is opened in the post office for 5 years. It cannot be invested for a shorter duration than this. Interest is calculated on the money deposited every quarter at the annual interest rate. Then it is added to the account with Compound Interest at the end of every quarter.
According to the website of the India Post Office, at present 5.8 percent interest is being given on the RD scheme. The central government announces the interest rate in all its small saving schemes every quarter.
If you invest 10 thousand rupees, you will get more than 16 lakhs
If you invest 10 thousand rupees every month for 10 years in the post office RD scheme, then you will get Rs 16,26,476 lakh on maturity. If you do not deposit the RD installment on time, then you will have to pay a fine. For delay in installment, you will have to pay a one percent penalty every month. With this, if you have not deposited 4 consecutive installments, then your account will be closed.
However, once the account is closed, it can be reactivated for the next 2 months.
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