It is very important to invest in the right place to secure your future financially. But it must be risk-free. And in that regard, the schemes of the Indian Post Office (Post Office Savings Scheme) are ahead. Basically, if you want to save a little money and withdraw a lot of money at the end of the term, a scheme of the Indian Post Office is going to be the best option for you. And that is the Post Office Recurring Deposit or RD scheme. In this scheme, investors can save a certain amount of money every month and build a large fund at maturity. In that case, if you save just 500 rupees every day, this scheme will return you about 25 lakhs or more. How?
Something about Recurring Deposit
First of all, let me tell you that every scheme of the Indian Post Office under the control of the Government of India is very popular with customers. However, among all those schemes, the Post Office Recurring Deposit or RD scheme is at the top of the list of customers’ preferences for big returns on small savings. A person can invest in this scheme for a maximum of 5 years. Although its term can be extended for another 5 years later. The biggest thing is that you can start investing in this scheme from just 100 rupees.
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This does not end here, if you are a citizen of India, this scheme will give you 6.7 percent interest per annum. That is, by paying a fixed amount every month, the investor will get a hefty return of 6.7 percent interest per annum in 5 years. Let us tell you, by depositing just 500 rupees with yourself every day, you can get more than 25 lakh rupees at a time from this scheme. How? Let’s find out.
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How to save only 500 rupees and get 25 lakhs?
If you want to get 25 lakhs or more from the Post Office Recurring Deposit Scheme, investors will have to save 500 rupees with themselves every day. 500 rupees every day means 15,000 rupees in a month. This amount of money will have to be invested in the Recurring Deposit Scheme every month for a total of 10 years.
Simply put, if a person deposits Rs 15,000 every month in the Recurring Deposit Scheme for the first 5 years and then extends its tenure for another 5 years for a total of 10 years, then his capital or the amount of money deposited will come to 3 lakh 60 thousand rupees. Now, adding 6.7 percent interest on this amount, it will amount to about 25 lakhs or more. In fact, under this scheme of the post office, according to the various rules of interest, the investor can save Rs 15,000 every month and build a large fund of Rs 25 lakh in 10 years.
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It is worth noting that if an investor wants, he can take a loan of 50 percent of the total amount after paying 12 installments of the post office recurring deposit scheme. In that case, this interest rate is 2 percent more than the principal interest of the RD. One more thing to note is that if a person closes this recurring deposit account before the completion of the term or breaks the principal amount, he will get the same interest as the post office savings account, i.e. instead of 6.7 percent annual interest, 4 percent interest will be applicable on the total deposit.
