Post Office Scheme: If saving a fixed amount every month is difficult for you, a special savings scheme from the post office can be beneficial. In this scheme, you can deposit small amounts daily, just like a piggy bank. The only difference is that your savings are safe here, and you also earn interest on them.
Often, people put their leftover money in a piggy bank every day. This accumulates some money, but it doesn’t provide any additional benefit. On the other hand, by investing regularly in the Post Office Recurring Deposit (RD) scheme, a substantial fund can be created in just a few years.
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Large Savings are Not Possible Without Investment
Many people believe that keeping money in a bank account or saving it at home will gradually accumulate a large sum. But the reality is that building a strong fund without investment is not easy. This is why many people are unable to save much, even after working for years, and later regret it. If you want to avoid such a situation in the future, starting to invest with a small amount through a Post Office RD can be a better option.
How to Start Investing
Let’s say you set aside Rs 100 every day and deposit it in an RD. In this way, you will invest about Rs 3000 a month. In a year, this amount reaches Rs 36,000. If you continue this investment for five years, the total deposited amount will be Rs 1,80,000.
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Additional Benefit from Interest
Currently, the Post Office RD offers an interest rate of 6.7 percent. According to this, after five years, your deposited amount can grow to approximately Rs 2,14,097. If you want higher returns in the future, you can increase your monthly investment amount and build an even larger fund.
These Facilities are Available in the RD Scheme
After the completion of the five years, you can extend your RD for another five years. The best part is that the interest rate that was applicable when the account was opened remains the same throughout. Even if interest rates fall in the future, you will continue to benefit from the old rate.
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...
