A lot of people are into investing in post office schemes. With just a small investment, you can build a solid fund pretty quickly. Believe it or not, if you save just Rs 50 a day, you could be on your way to wealth in just 5 years. Let’s break down how the maturity calculations work.
Post office savings schemes are backed by the government, making them a safe bet for your money. That’s why so many folks choose to invest in them. By putting away a little bit each day, you can really grow your savings over time. It’s totally possible to build a strong fund with just a small amount.
If you’re interested, saving just Rs 50 daily could lead you to a total of Rs 1,07,050 in 5 years. If you step it up to Rs 1,500 a month, you’ll have saved Rs 90,000 in 5 years, plus you’ll earn around Rs 17,050 in interest.
Now, if you decide to save Rs 100 a day instead, your savings will really take off. In that case, you could end up with a whopping Rs 2,14,097 in 5 years. The Post Office Recurring Deposit (RD) scheme offers an interest rate of about 6.7% per year, making it a pretty appealing option compared to fixed deposits and other investment plans.
Loan Facility
Once you’ve made at least 12 deposits into the Post Office Recurring Deposit (RD) scheme, you can take out a loan for up to 50% of your total deposit. Just so you know, the RD scheme runs for 5 years, but you can extend it for another 5 if you want. This investment option is pretty special, and while you can close your account after 3 years if necessary, keep in mind that the interest will be at the savings account rate.
Investing in this scheme is also a smart move for tax benefits. If you put your money into this plan, you can enjoy tax exemptions under section 80C. It’s a great way to save regularly and keep your finances in check. Opening an account at the post office is super simple too; all you need is your Aadhar, PAN card, and a minimum deposit.