Indian Post Office is running several schemes for small savings. Among these schemes, one scheme of Post Office is Post Office Recurring Deposit Scheme, which offers 5.8 per cent interest on investment. Also, this post office scheme is more secure than the bank’s FD scheme.
Because according to central government rules, in case of bank failure, only the investment made in it is insured up to 5 lakh rupees. While investment made in post office is 100% safe. Let’s find out how by depositing Rs 400 per day in the Post Office Recurring Deposit Scheme, you can have an account worth over Rs 19 lakh at maturity.
How to Invest in Post Office RD Scheme – Post Office Recurring Deposit Scheme Rs. A multiple of 100 is invested. The minimum investment limit in this scheme is Rs. 100 and no maximum investment. On the other hand, money can be invested for a period of 6 months to 120 months in Post Office RD Scheme.
This is how much interest is available on RD in Post Office – Currently, 5.8 percent interest is available in Post Office Recurring Deposit Scheme. This interest rate will be applicable from 1st April 2020. At the same time, the government also reviews this interest rate from time to time and it fluctuates. The money invested in the Post Office Recurring Deposit Scheme earns interest compounded every three months.
How to get more than 19 lakh rupees – If you deposit 400 rupees daily in Post Office Recurring Deposit Scheme, then every month you have to invest 12000 thousand rupees. If you make this investment for 10 years i.e. 120 months, the total investment made by you will be Rs 14,40,000 Lakhs. On which you will get a total of Rs 5,11,771.04 as interest in 10 years at an interest rate of 5.8 percent. In such a case, on maturity of the RD, you will have an amount of Rs 19,51,771.