Post Office Scheme: If you want to build a large fund for the future by saving a little every day and are looking for a scheme where your money is completely safe and you get good returns, then government schemes offered by the Post Office can be an excellent option for you. India Post runs several small savings schemes for children, women, and senior citizens. One of these is the Post Office Recurring Deposit Scheme (Post Office RD Scheme), in which you can create a fund of more than ₹10 lakhs by saving just ₹200 daily.
Benefit of 6.7% Annual Interest
The Post Office RD scheme offers an annual interest rate of 6.7 percent, guaranteed by the government. An account can be opened in this scheme with as little as ₹100. The special thing is that all Post Office savings schemes are guaranteed by the government, meaning the investment is completely safe.
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Extension After 5 Years of Maturity
The maturity period of this scheme is 5 years, but it can be extended for another 5 years. In this way, a substantial fund can be created through small savings over a long period. Any person aged 18 years or older can open an RD account at their nearest Post Office.
Loan Facility on Investment
Another feature of the Post Office RD scheme is that you can also avail of a loan against your investment. After one year of opening the account, you can get a loan of up to 50% of the deposited amount. Only 2% additional interest is charged on this loan.
Pre-Mature Closure Option
This scheme also offers the facility of premature closure if needed. The investor can close the account after three years. In case of the account holder’s death, the nominee can claim the deposited amount or continue the investment.
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How to Get More Than ₹10 Lakhs by Saving ₹200 Daily
Now, let’s understand the complete calculation. If a person saves 200 rupees every day, they will save 6000 rupees in a month. By depositing this amount every month in a Post Office RD (Recurring Deposit) scheme, the total investment over 5 years will be 3,60,000 rupees. This will earn approximately 68,197 rupees in interest, and the total amount at maturity will be 4,28,197 rupees.
If this investment is extended for another 5 years, the total deposit over 10 years will be 7.20 lakh rupees. During this period, approximately 2,05,131 rupees will be earned solely from interest. Thus, after 10 years, the total fund will grow to approximately 10,25,131 rupees.