Post Office Schemes: Investing in Post Office schemes offers future benefits and ensures the safety of your money. Several small savings schemes are currently running, providing people with the opportunity to accumulate a substantial fund. Post Office small savings schemes can prove to be an excellent option for you.
You must have heard about the Post Office Recurring Deposit scheme. By investing daily in this scheme, you can earn significant profits. By saving ₹400 daily, you can easily invest up to ₹20 lakhs, which is a fantastic opportunity. The Recurring Deposit scheme offers excellent benefits to investors. You can find important details about it in the article below.
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Attractive Interest Rates on Post Office Schemes
Post Office savings schemes offer attractive interest rates. If you invest in the Recurring Deposit scheme for 5 years, you will currently receive an interest rate of up to 6.70%. An account can be opened with an initial investment of just ₹100.
Regular small investments in this government scheme will prove helpful in accumulating a large fund. An account can also be opened for a minor aged 10 years or older in this Post Office scheme. The minor’s account will be opened with the help of their parents.
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An account can be opened with an initial investment of ₹100. You can accumulate a large fund by making small investments in this scheme. In case of the account holder’s death, the nominee can claim the amount.
Benefit of ₹20 Lakhs
If you invest ₹400 daily in the Post Office Recurring Deposit scheme, you can accumulate a fund of up to ₹20 lakhs. The calculation is very simple. Calculating with the Post Office RD Calculator will also be easy. If an investor saves ₹400 daily in the Post Office, they will have to deposit ₹12,000 per month.
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After five years and the maturity period, their fund will become ₹8,56,388. The total investment made by the person will be ₹14.40 lakhs. Based on this, the total fund received will be up to ₹20,50,248. This includes ₹6,10,248 in earnings from interest alone.