Government Schemes – Earn Income of ₹8,54,272 in 10 Years! Know the Scheme Details

Everyone wants to save some part of their income. They want to invest in a way that keeps their money safe, but also gives good returns. In that case, the small savings schemes of the Indian Post Office are quite popular. One of these schemes is the Post Office Recurring Deposit Scheme. Where there is an opportunity to earn Rs 2 lakh 54 thousand from interest alone by investing regularly. The government itself guarantees this investment.

How much interest does the government pay?

The most important thing about government-run savings schemes is that they are completely risk-free. This means that every investment is completely safe. By investing just Rs 5 thousand per month in the Post Office Recurring Deposit Scheme, you can deposit Rs 8 lakh and get more than Rs 2 lakh 54 thousand in interest. The government is offering 6.7 percent interest on investment in this small savings scheme.

Income Calculation

It is very easy to calculate the quick interest in the Post Office Recurring Deposit Scheme. You have to invest 5 thousand taka in a deposit account every month regularly till the maturity. The maturity period of this scheme is 5 years. So the total investment amount during this period will be 3 lakh Rs and the interest earned on it at the rate of 6.7 percent will be 56 thousand 830 Rs. This means that the total income in 5 years will be 3 lakh 56 thousand 830 Rs. If you extend this deposit amount for another 5 years, then the total deposit amount in 19 years will be Rs 6 lakh. The interest on the deposit at the rate of 6.7 percent will be 2 lakh 54 thousand 272 Rs. Therefore, the total deposit in 10 years will be 8 lakh 54 thousand 272 Rs.

Open an account with Rs 100 and take a loan

You can open an account under the Recurring Deposit Scheme at any nearby post office. You can start investing in this government scheme with just 100 Rs. Moreover, the account can be closed before the end of the 5-year period. According to the rules, a loan of up to 50 percent of the deposit can be taken and the interest rate is only 2 percent.