Post Office Recurring Deposit: 16 lakhs to save only 10 thousand rupees in post office scheme – know how

Post Office Recurring Deposit: The most important thing about post office schemes is that here you get better returns even at low risk. The recurring deposit of the post office is also one of these. Up to 100 rupees can be invested in this scheme.

New Delhi. If you are looking for a completely safe investment, that is, you do not want any kind of risk on your investment, then post office can prove to be a better option for you. You also get better returns in post office schemes. Small saving schemes of the post office are better. Investing with low cost in it makes big money. One such post office scheme is named – Post Office Recurring Deposit. In this you get better returns. What is Post Office RD Scheme?

Overall, through this scheme you can start investing with very little money. Apart from this, your money will also be completely safe. You can invest in it from 100 rupees a month. There is no limit to the maximum amount you can invest. Post office RD deposit account is a government guarantee scheme of depositing small installments with better interest rate.

The RD account that is opened in the post office is for 5 years. Does not open for less than this. Every quarter (at the annual rate), interest is calculated on the money deposited. Then it is added to your account with compound interest at the end of every quarter. According to the India Post Office website, currently 5.8 percent interest is being given on the RD scheme. The central government announces interest rates every quarter in all its small saving schemes.

You will get more than 16 lakhs for investing 10 thousand rupees. If you invest 10 thousand rupees in the RD scheme of the post office every month, that too for 10 years, then it will get 16,26,476 lakh rupees on maturity. Some special things about RD account, if you do not deposit RD installments in time, then you will have to pay a fine. If the installment is delayed, you will have to pay a penalty of one per month. With this, if you do not deposit 4 consecutive installments, then your account will be closed. However, once the account is closed, it can be activated again for the next 2 months.