If you are dreaming of becoming a millionaire by saving a little amount every month, then this special scheme of the post office is for you. Know how you will get a great return of ₹ 17,08,546 in 10 years by saving just ₹ 10,000!
On hearing the name of Post Office Scheme, a feeling of trust arises in the minds of most people. If you want to create a big fund by saving little money, then the Recurring Deposit (RD) scheme of the post office is a better option. This scheme is specially designed for those who want to save a fixed amount every month and want to get good returns with fixed interest.
What is Post Office RD Scheme?
The Post Office Recurring Deposit (RD) scheme is a safe and simple investment option, which provides investors the facility to deposit small amounts every month. Investment can be made in this scheme for a minimum of 5 years. Currently, the interest rate on this scheme is 6.7% per annum, which is determined by the government every quarter.
This Much Return will be Available on 5 Years of Investment
Investment can be made in Post Office RD scheme for a period of 5 years. If you deposit a fixed amount every month, then at the end of 5 years you will get the benefit of the total amount and interest. Suppose you deposit ₹ 10,000 every month, then after 5 years you will get an amount of about ₹ 7,08,546, which will include a good amount in the form of interest.
You Can Start Investing with This Much Money
It is very easy to start investing in this scheme. You can start investing in a Post Office RD account with a minimum of ₹ 100 per month. There is no maximum investment limit in this scheme, that is, you can deposit as much as you want. To make the investment more convenient, you can also deposit 6 months advance installment.
How Much Return will You Get on Depositing ₹10 Thousand
Now let’s know that if you invest an amount of ₹ 10,000 every month, then how much money will you get at the end of 10 years. According to this calculation, if you deposit ₹ 10,000 regularly for 10 years, then at the end of a period of 10 years, you will have a total deposit of ₹ 12 lakh in your account. With an interest rate of 6.7% on this, you will receive interest of about ₹ 5,08,546. In this way, a total amount of ₹ 17,08,546 will be deposited in your account.
You May Also Read:
What is Digital Marketing in Hindi
SEO Interview Questions and Answers
How to Start Investing
Follow the following procedure to open an RD account in the post office:
- First of all, go to your nearest post office branch and get information about opening an RD account.
- Aadhaar card, PAN card, passport size photo and bank passbook will be required to open an account.
- Aadhaar card, PAN card, passport size photo and bank passbook will be required to open an account. Fill a form to open an account and deposit your first installment. After this, you can deposit the installment every month as per your convenience.
- Now the facility of online payment is also available for Post Office RD scheme. You can deposit your installment online through the official website of the post office.
Frequently Asked Questions (FAQs)
1. What is Post Office RD Scheme?
The RD scheme of the post office is a recurring deposit scheme, in which a large fund can be created by depositing a fixed amount every month. This scheme gives the option to invest for 5 to 10 years.
2. Is there a tax exemption on Post Office RD?
No, there is no tax exemption on Post Office RD. Tax is applicable on the interest received, which is according to the tax slab of the investor.
3. With how much amount can an RD account be opened?
An account can be opened in Post Office RD with a minimum of ₹ 100. There is no limit on the maximum deposit amount.
4. Can I pay RD installments in one go?
Yes, you can pay your installments in one go up to 6 months in advance.
5. Can I transfer my RD account?
Yes, Post Office RD account can be transferred to any post office in India.
