Post Office Money Making Scheme – Step-by-Step Guide to Earn ₹17 Lakh Hassle-Free

If you are looking for a safe investment that will keep your future stress-free, then Post Office schemes are perfect for you. In fact, by saving a small amount of money every day and investing it in the Post Office Recurring Deposit (RD) scheme, you can become a millionaire. Yes, the Post Office offers several small savings schemes nationwide for people of all ages, all of which come with a government guarantee and fixed interest rates.

The most important feature of the Post Office RD scheme is that you can start investing with a very small amount. Investors can open an account with just ₹100. If you save approximately ₹333 every day, you will be investing about ₹10,000 every month. This small habit can help you build a fund worth millions of rupees in the long run. So, let’s understand the complete calculation.

How much interest is earned a,nd who can operate the account?

1. Post office RDs offer an annual interest rate of 6.70%.
2. The interest rate in this scheme is compounded quarterly.
3. Due to it being a government scheme, the money is completely safe.
4. Any Indian citizen can open an RD account.
5. An account can also be opened in the name of a minor above 10 years of age.
6. New KYC is required after the age of 18.
7. The account can be opened at the post office or online.

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Maturity and Extension Benefits

• The total tenure of a Post Office RD is 5 years.
• After maturity, it can be extended for another 5 years.
• Investment can be continued for a total of 10 years.
• Extending the tenure further increases the returns.
• The facility of pre-mature closure is available after 3 years.
• After the death of the account holder, the nominee can claim the amount.
• The nominee can also choose to continue the RD if they wish.

How can you earn ₹17 lakhs by saving ₹333 daily?

1. Saving ₹333 daily results in a monthly investment of ₹10,000.
2. The total deposit in 5 years is ₹6 lakhs.
3. The interest earned in 5 years is approximately ₹1.13 lakhs.
4. Extending the RD for another 5 years results in a 10-year investment.
5. The total deposit in 10 years is approximately ₹12 lakhs.
6. The interest earned is approximately ₹5.08 lakhs.
7. The total fund is approximately ₹17.08 lakhs.
8. This scheme is also beneficial for small investors.
9. Investing ₹5,000 per month yields approximately ₹8.54 lakhs in 10 years.
10. Of this, approximately ₹2.54 lakhs is earned as interest.

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What are the special features of this scheme?

• Loan facility is available against Post Office RDs.
• The loan is available after the account completes 1 year.
• There is an option to take a loan up to 50% of the deposit amount.
• You will be charged only 2% extra interest on the loan.
• An easy way to meet your needs at a low interest rate.
• An excellent scheme for those who want to take less risk.
• Helpful in developing a regular savings habit. It creates a secure fund for future expenses.

(Note: This text is for informational purposes only and should not be interpreted as investment advice. Consult a financial advisor for investment advice.)