Post Office Scheme: Government schemes operated by the Post Office are quite popular for safe investments and excellent returns. These are also called Zero Risk Saving Schemes because the government itself guarantees the safety of any investment made in them. Today, we’re going to tell you about one such excellent Post Office scheme, in which, through regular investment, you can earn a whopping ₹5 lakh in interest alone.
What to say about this scheme of Post Office?
Many government schemes are being run by the Indian Post , which are available for all age groups. If you are planning to accumulate a huge fund by making small savings every day and are looking for such a saving scheme, where the investment is safe as well as you get good returns, then the Recurring Deposit Scheme run by the Post Office can prove to be a good option, in which along with earning a lot from the interest itself, you also get loan benefit. Under the PO RD Scheme, any person of 18 years of age or above can open an account by visiting the nearest post office.
The government is offering a robust interest rate of 6.7%
under the Post Office RD Scheme. Under this scheme, you can open an account with an initial investment of just Rs 100. The maturity period of this scheme is 5 years, and the option to extend it for another five years is also available. This can help you reap even greater returns on your investment, and you can accumulate a substantial corpus from small daily savings.
Loan facility available at just 2% interest
When you open an account under the Post Office RD scheme, you get an extra perk. You can also take out a loan after setting up your account, which makes this government scheme even more appealing than the regular Post Office scheme. There are some rules to follow, though. If you want to borrow against your investment, you can get a loan of up to 50% of your deposit amount after your account has been active for a year. The interest rate is just 2%.
Moreover, this scheme not only lets you extend your investment beyond the maturity period but also provides a premature closure option. Investors can choose this option after three years if they want. If the account holder passes away, the nominee can claim the funds and continue the investment if they choose.
How can you earn 5 lakh rupees from interest?
Let’s break down how you can earn over 5 lakh rupees just from interest through regular investments in this scheme. The math is pretty straightforward. To achieve this, you only need to save 333 rupees each day and invest it monthly in the Post Office RD scheme. By saving 333 rupees daily, you’ll accumulate around 10,000 rupees each month to invest in the PO RD Scheme.
In this case, the total deposit amount over the five-year maturity period would be Rs 600,000, while the interest earned would be Rs 113,659, bringing the total corpus to Rs 713,659. If you extend this investment for another five years, the total invested in 10 years would be Rs 12 lakh, and the interest earned would be Rs 508,546, meaning you’d earn more than Rs 5 lakh directly from interest. The total corpus received would also be Rs 1708,546.
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Sweta Mitra
Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food,...
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