If you also want to save Rs 5000 every month but are confused about where to invest the money, you don’t need to worry anymore. You can easily build a fund worth lakhs by investing in the post office. Starting from the 1st, the interest rates on Post Office RD have been increased. The government has raised the interest rates for Small Savings Schemes. Let us tell you how much benefit you will get if you invest Rs 5000 every month in a Post Office RD.
Start Investing with Just Rs 100
You can start investing in the Post Office RD (PORD) with just Rs 100. There is no maximum limit, and you can increase your investment in multiples of Rs 10.
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Earn Rs 56,830 Profit After 5 Years
For example, if you invest Rs 5000 every month in the Post Office RD, you will receive around Rs 3,56,830 at maturity after 5 years. Your total investment will be Rs 3 lakh, and the interest earned will be Rs 56,830.
Earn Rs 2.5 Lakh in 10 Years
If you continue investing Rs 5000 monthly for 10 years, your total maturity amount will be Rs 8,54,272. The interest earned over this period will be Rs 2,54,272.
Government’s New Interest Rate Announcement
The Finance Ministry recently notified an increase in interest rates. From October 1, 2023, to December 31, 2023, the interest rate on 5-year Post Office FD has increased from 6.5% to 6.7%. These schemes offer the benefit of compounded interest.
How to Open an RD Account in Post Office Offline
Follow these steps to open an RD account offline at your nearest post office:
1. Visit Your Nearest Post Office
Go to the nearest post office to start the process.
2. Request the RD Form
Ask for the RD account opening form and fill it out carefully.
3. Submit the Form and Initial Deposit
Submit the completed form along with the initial deposit amount and a pay-in-slip form.
How to Open an RD Account in Post Office Online
You can open an RD account in the post office both online and offline. Here are the steps to open an RD account online:
- Download the IPPB App
Start by downloading the IPPB app on your device. - Create Your Account
Enter your PAN number and follow the prompts to create your account. You’ll also need to verify your mobile number with OTP. - Link Your Aadhaar
Enter your Aadhaar card number and verify it with an OTP. - Fill Out the Form
Provide your personal details, address, account information, and nominee details in the form. - Account Creation
After submitting the form, your post office savings account will be created, and you’ll receive a unique customer ID and account number. - Generate a PIN
Use your customer ID, date of birth, and account number to generate a PIN to log in to the app. - Deposit Money
Finally, choose the ‘Send Money’ option, select ‘DOP Products,’ and deposit money into your RD account.