Post Office Scheme: There are numerous government schemes available in the country. One of them involves investing in the post office. The post office provides a range of schemes that not only safeguard your money but also yield solid returns. Today, we’re going to discuss one such post office scheme, where you can accumulate a fund of Rs 20 lakh by saving just Rs 400 every day. The best part is that you’ll earn over Rs 6 lakh in interest on your deposited amount.
The government updates interest rates on post office and other government savings schemes every three months. In line with this, the government has established an interest rate of 6.70% for the Post Office Recurring Deposit Scheme. You can start an account with just Rs 100. Now that we’ve covered the interest, let’s dive into how this scheme can help you build a significant corpus.
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Investing Rs 400 will help you create a fund of Rs 20 lakh
With this Post Office scheme, you can build a corpus of Rs 20 lakh by investing merely Rs 400. According to the Post Office’s RD calculator, if you save Rs 400 daily in this scheme, your monthly investment will be around Rs 12,000. If this investor continues to invest this amount in an RD scheme for the next 5 years, the total will exceed Rs 8 lakh. If you extend this for another 5 years, your total amount will reach about Rs 14.40 lakh. Importantly, you will earn around Rs 6.10 lakh in interest on your investment. So, when you factor in the interest, your daily investment of Rs 400 can indeed create a corpus of Rs 20 lakh. This means you’ll earn over Rs 6 lakh in interest through this scheme.
You’ll also enjoy these benefits
The greatest benefit of investing in any government scheme is that your money is completely secure. This means you won’t lose your funds. Additionally, under this scheme, you can take out a loan against your funds after a certain period. If you keep your account active for one year, you can borrow about 50% of your deposit as a loan. You also have the option to close this scheme early after three years.
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This means your money won’t be lost. Under this scheme, you can also take out a loan against your funds after a certain period of time. If you maintain your account for one year, you can take out approximately 50% of your deposit as a loan . You can also prematurely close this scheme after three years. This means you no longer want to invest in it , so after three years you can withdraw your money along with interest.
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