Nowadays, many people invest in SIPs. However, some prefer not to take risks in the market. Even if the returns are lower, they choose safer investment options. Once they receive the returns, they use the money wisely.
The post office offers a recurring deposit scheme, which can be a great option. By investing in this scheme, you can accumulate a substantial amount over time. In fact, if you invest properly, this scheme may offer better returns than a fixed deposit.
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In this article, we will share all the details you need to know about how to earn Rs 12 lakh easily through post office schemes, including plans, eligibility, the application process, and more. The Post Office Recurring Deposit Scheme is a secure way to grow your savings over time. Below are the key details of this scheme:
Term and Interest Rate
The scheme has a tenure of 5 years with an interest rate of 6.7%. Interest is credited to your account every three months, ensuring consistent returns on your investment.
How Much Can You Save?
- If you invest Rs 7,000 per month, you can save approximately Rs 5 lakh in 5 years.
- By extending the investment for 10 years, the total amount will grow to Rs 12 lakh.
- For a total investment of Rs 8.4 lakh over 10 years, you will earn around Rs 3,55,982 as interest, leading to total savings of about Rs 12 lakh.
Flexible Investment Options
- You can start investing with as little as Rs 100 per month.
- There is no upper limit on the monthly investment amount, allowing flexibility to contribute more based on your financial goals.
No Market Risks
Unlike other investment options like SIPs, this scheme is risk-free and provides stable returns, offering peace of mind to investors.
Extendable Tenure
The scheme’s term is 5 years but can be extended for another 5 years, enabling you to create a long-term financial plan to achieve larger goals.
Nominee Facility
While investing, you can assign a nominee. In case of any unforeseen circumstances, the nominee can easily claim the savings without complications.
Important Reminder
Before investing, ensure you understand all the terms and conditions. The Post Office provides a safe investment environment, but be cautious to avoid any external fraud or scams.
Disclaimer: Times Bull is not responsible for any financial investments made, as it is entirely your responsibility. Please consult a financial advisor for better results.