Post Office Scheme- Everyone saves something from their income and wants to invest it in a place where their money is safe and they get good returns. In this regard, Post Office Small Saving Schemes are very popular. These include Post Office Recurring Deposit i.e. Post Office RD, in which you can raise a huge amount of Rs 8 lakh by investing just Rs 5000 every month. The special thing is that loan is also easily available on investment in this scheme.
Last year in 2023 itself, the government had given a gift to the investors by increasing the interest rates on the Post Office Recurring Deposit Scheme. These new rates are applicable in the October-December 2023 quarter. Talking about the interest rate on investment in this scheme, an interest rate of 6.7 percent is available. It is worth noting that the interest rates of the small savings schemes of the post office are revised by the government every three months, the last revision in this scheme was done on 29 September 2023.
is very easy to calculate the investment and interest in Post Office RD and if we talk about how you can raise a fund of Rs 8 lakh by saving just Rs 5,000 per month under this scheme, then let us tell you that if you invest Rs 5,000 every month in the Post Office Recurring Deposit Scheme, then you will deposit a total of Rs 3 lakh in its maturity period i.e. five years and Rs 56,830 will be added as interest at the rate of 6.7 percent. That means, in total your fund will be Rs 3,56,830 in five years.
Now you don’t have to stop here, rather you can extend your RD account for another five years. Meaning if you extend it for the next five years, then the amount deposited by you in 10 years will be Rs 6,00,000. Along with this, the interest amount on this deposit at the rate of 6.7 percent will be Rs 2,54,272. In this way, your total fund deposited in a period of 10 years will be Rs 8,54,272.
You can open an account in Post Office Recurring Deposit Scheme by going to any nearest post office. Investment can be started from Rs 100 in this. The maturity period of Post Office RD is five years, but if you wish to close the account before the completion of this period, then this facility is also available in this saving scheme.
