Post Office Scheme 2023: If you are looking for a scheme that will give you good returns in short term, then your search ends here. Because after joining the recurring deposit scheme of Post Office (Post Office), you can create a huge fund of 16 lakh rupees in just 10 years. Not only this, after joining this scheme, post office also provides you with many other benefits. Also, your investment is completely risk free. Because, Post Office is not an organization based on share market.
Recurring Deposit Scheme
Recurring Deposit (RD) is a very popular savings scheme for many people in India. Top banks including State Bank of India (SBI), HDFC Bank, ICICI Bank and others give you the option to open an RD account. Apart from Bank and Post Office, you can also open RD account in Small Finance Banks. Interest rates on RD are also different in each of these banks for different time periods of 1 year, 2 years, 3 years, 4 years, 5 years or more than 5 years. For your convenience we are presenting here the interest rates on recurring deposits of various banks.
You will get benefit in post office
Along with banks, post offices also offer recurring account facilities. Recurring account holders get interest up to 5.5 percent for 1 year, 5.50 percent for 2 years, 5.50 percent for 3 years, 6.7 percent for 5 years.
Let us tell you that Lakshmi Vilas Bank is the highest interest rate bank in the country with the highest interest rate of 7.50 percent for 2 years and Yes Bank is also 7.50 percent. Whereas Lakshmi Vilas Bank offers an interest rate of 7.50 percent per annum for a period of 3 years and 4 years.
Investment will be made from just 100 rupees
With the help of Post Office Recurring Deposit Scheme, you can start investing at low cost. Apart from this, you can keep your money safe in this scheme. You can start investing in it from 100 rupees per month. There is no upper limit of investment. You can invest as much as you want. Post Office RD Deposit Account is a government guaranteed scheme to deposit small amounts with good interest.
See how to get 16 lakh rupees
If you invest 10 thousand per month for 10 years in post office RD scheme then you get 16,26,476 lakh rupees at the time of maturity. If you do not pay the RD amount at this time, you also incur a penalty. A penalty of 1 percent per month has to be paid for late installments. Apart from this, your account will be closed if you fail to pay 4 consecutive installments. It can be restarted after 2 months.