How will the post office give return of Rs 17 lakh, know the calculation

Post Office scheme: Most people dream of becoming rich, for which many efforts are made. Do you know that the post office is an institution where you can receive substantial benefits by investing? We are going to tell you about the grand postal scheme. You must have heard about the recurring deposit scheme offered by the post office.

People are benefiting from the bumper interest rates in this. If you want to collect bumper funds by making a small investment, then this is a perfect option. How can you obtain funds of up to several lakhs of rupees from the RD scheme by saving 33 rupees daily? You can learn more about this below. You can find essential details about the RD scheme below.

Interest rate on the RD scheme

Users are benefiting from bumper interest rates on the RD scheme of the post office. Currently, a 6.7 per cent annual interest rate is being offered. The special thing about the RD scheme is that a single or joint account can be opened easily. You can also invest up to Rs 100 in the scheme.

If you deposit Rs 333 daily, this amount will accumulate to approximately Rs 10,000 per month. Anyway, the post office scheme is considered entirely safe. There is no chance of losing money here. By investing, you can get the entire fund in one go.

The most important thing is to pay the instalment on time every month. If, for any reason, you forget to pay even one instalment, a penalty of 1% is imposed. If, for any reason, four instalments are not paid continuously, the account may also be closed.

How will you become rich?

If you invest Rs 10,000 every month in the RD scheme of the post office, then you will be able to deposit Rs 1,20,000 per year. According to this, your total investment in 5 years will be Rs 6 lakh. At a rate of 6.7 per cent interest, you will receive Rs 7.13 lakh. If you extend the RD scheme for 5 years, then you will have to invest Rs 12 lakh.

According to this, you will get Rs 5,08,546 as interest. This means that the total amount on maturity after 10 years will be approximately Rs 17,08,546. This amount will prove to be like a booster dose.