Post Office Scheme: If you want to save money for your future safely and reliably, the Post Office RD scheme can be an excellent option. In today’s times, with rising inflation and the risk of investments like the stock market or mutual funds, this Post Office scheme offers a stable and secure way to save. The biggest advantage of this scheme is that you can build a substantial corpus over time through small monthly installments. There’s no risk of losing money, as this scheme is fully government-backed.
Interest Rate on Post Office RD
The Post Office RD scheme offers a 6.7% annual interest rate, compounded quarterly. This makes it very popular among those seeking stable returns with low risk. You can start investing in an RD with just ₹100 per month, in multiples of ₹10. This means that students, working professionals, homemakers, or small business owners can invest according to their capacity.
Read Here: Gold Rate Crash Feb 10 – Gold Now ₹37,000 Drop Than All-Time High, Check Metro Cities Prices
Learn about the features of the scheme
Another feature of this Post Office scheme is that depositing money is extremely easy. You can deposit installments through cash, check, or online transfer. You can also choose to have your monthly installments automatically deducted by linking your savings account to your RD account. If you have a lump sum, you can deposit installments for several months or even five years in advance, eliminating the hassle of repeated payments.
Return on a ₹2000 Monthly Investment
If you deposit ₹2000 every month in an RD and continue this for five years, your total deposit will be ₹1,20,000 in 60 months. Your money will gradually grow due to quarterly compounding. Based on this calculation, you will receive approximately ₹22,732 in interest upon maturity. This means that after five years, you will have a total corpus of ₹1,42,732.
Read Here: You Can Earn 7 Lakh Rupees Sitting at Home by This 1 Rupee Old Note, Just Have to do This
Who can open an RD account?
An adult can open a Post Office RD account in their own name. Minors aged 10 years or older can also open an RD account in their own name. A joint account is also available, allowing family members to invest together. However, NRIs are currently not eligible to open accounts under this scheme.
Related Posts
Adarsh P
Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...
Related Stories
Business
Gadgets
Business
Business
Gadgets
Business
Gadgets
Education
Gadgets
Gadgets