More or less, everyone wants to save. However, in the modern world, along with banks, the Post Office Scheme has become a main option for people to save. Yes, it is also a safe option. The Post Office, run by the Government of India, not only delivers letters but also helps secure the future through various savings schemes.
But do you know how much money you will get after 5 years if you deposit just 3000 rupees? Let’s take an example and find out how much you can get back by depositing 3000 rupees in various Post Office schemes.
How Much Will You Get if You Deposit 3000 Rupees in a Savings Account?
Currently, the interest rate on the Post Office savings account is 4% per year. If you deposit 3000 rupees and leave it for 5 years, the total amount in your account will be 3660 rupees after 5 years. This means you will earn 660 rupees in interest. Although the interest is small, it is risk-free income.
How Much Profit Will You Get if You Deposit 3000 Rupees in a 5-Year Time Deposit?
The Post Office’s time deposit scheme offers an interest rate of 7.5%. If you deposit 3000 rupees and keep it for 5 years, after 5 years, you will get 4349 rupees. This means you will earn 1349 rupees in interest.
How Much Will You Get if You Invest in a Monthly Income Scheme?
For those who want a regular monthly income, the Post Office Monthly Income Scheme (MIS) is ideal. The current interest rate for this scheme is 7.4%. If you deposit 3000 rupees, you will receive 19 rupees every month. Over 5 years, you will earn a total of 1140 rupees in interest, and your principal of 3000 rupees will remain intact. So, after 5 years, the total amount will be 4140 rupees.