Post Office RD: Suppose you want to eliminate the financial worries of old age by converting your small savings into safe investments. In that case, the Post Office Recurring Deposit (RD) Scheme is the perfect superhit scheme for you. This scheme offers 100% risk-free assurance backed by a government guarantee, and provides an opportunity to build a corpus worth lakhs at an attractive interest rate of 6.7%. Learn how you can start with just ₹100 and deposit ₹200 daily to build a robust corpus of over ₹4 lakh in 5 years, and how this scheme serves as not only a savings but also a support in times of need.
Post Office RD Scheme
These days, everyone wants to invest, but many believe that high returns require a large capital. The Post Office RD Scheme completely changes this mindset. This small savings scheme is the best investment option for the common man, as it is considered completely safe and reliable.
You can start investing in this scheme with just ₹100, and there is no maximum deposit limit. The scheme is for a fixed term of 5 years, although it can be extended. The post office pays interest every three months, allowing your money to grow rapidly with compound interest at an attractive interest rate of 6.7%.
Account Opening and Loan Specials
The Recurring Deposit Scheme is not only a savings tool but also a great support in times of emergency. Anyone aged 18 years or above can open an account under this scheme. A parent or legal guardian can open an account in the name of a minor child. A special and important feature of this scheme is that if you suddenly need money, you can also take a loan against your deposit account.
You can take a loan of up to 50% of your deposit amount, repayable in 12 equal monthly installments. To avail this facility, you need to contact your nearest post office branch. This scheme not only provides savings but also provides financial support in times of need.
Calculation for 5 years with a ₹200 daily investment
By investing regularly and disciplined in the Post Office RD scheme, you can easily build a corpus worth lakhs. The math for how you can build a substantial corpus by saving just ₹200 daily is quite simple. If you save ₹200 every day, your monthly investment will be ₹6,000. Investing this amount for 5 years (60 months) will result in a total deposit of ₹360,000.
You will earn approximately ₹64,300 in interest on this deposit at an interest rate of 6.7%. Thus, upon maturity, you will receive a solid corpus of approximately ₹424,300. This calculation shows how even small and regular savings can become a significant and decisive step towards financial independence in the long run.