Are you planning to invest? Want to keep your money safe and get good returns? Then Post Office Small Savings Schemes can be a great offer for you. The government has made investment opportunities available for all ages through the Indian Post Office. Which is small or big, every investment is ensured to be safe. One such scheme is the Post Office Recurring Deposit Scheme. You can get a significant return of Rs 20 lakh by investing just Rs 400 every day.
Get the full calculation…
The interest rate of Post Office Savings Scheme (PSS) is revised every 3 months. The government offers an interest rate of 6.7% for a 5-year investment. An account can be opened with an initial investment of just Rs 100. Regular small investments in this government scheme will help you accumulate a considerable amount of money.
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Who can open an account, how many years is the tenure?
A minor of 10 years can also open an account. However, the minor can open the account only with the help of his parents. Once they turn 18, they can operate the account themselves by updating their KYC and submitting a new form. The tenure of the Post Office Recurring Deposit Scheme is 5 years. However, investors can extend it for another 5 years if they wish.
Other additional benefits include the offer to close the scheme before maturity, as per the investor’s wish. Investors can close the account before maturity after 3 years. In case of death of the account holder, the nominee can claim the benefit and can continue it if he wishes.
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The government also provides loan facilities
Government schemes not only offer excellent returns, but also offer many other benefits. For example, in this Post Office Recurring Deposit Scheme, investors are provided with loan facilities. Under this, up to 50% of the deposit amount can be withdrawn after keeping the account active for one year. On which interest at the rate of 2% is applicable. You can open an account under this scheme by visiting any of the nearest post offices.
How to get 20 lakh returns by saving 400 taka?
You can get 20 lakh returns by investing 400 Rs. regularly in this government scheme. The calculation is quite simple. If an investor saves 400 taka every day using the Post Office Recurring Calculator. Then his amount will be 12 thousand Rs. every month. If he invests this amount in this scheme, then after a period of 5 years, his fund will be 8 lakh 56 thousand 388 Rs.
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If the investor extends his investment for another 5 years, then during this period the investment will be 14 lakh 40 thousand. Where the total amount received will be 20 lakh 50 thousand 248 Rs. This includes interest of 6 lakh 10 thousand 248 taka.
(Note- It is important to take expert advice before making any investment)