Post Office RD Scheme- If you want to get good returns by investing your savings in a reliable place, then the Post Office Recurring Deposit Scheme can be a good option for you. This is a scheme that allows you to deposit small amounts every month, so that you can collect a large fund in a few years.
The specialty of this scheme is that you can create a fund of more than Rs 1 lakh in a few years even by starting with a small monthly investment amount of just Rs 1500. Let us tell you that currently an attractive interest rate of 6.7% is being given on investment in this scheme. The maturity period of this scheme is five years. But if you want, you can extend your investment period for another five years after maturity.
The Post Office Recurring Deposit Scheme is a small savings scheme operated under the Ministry of Finance, Government of India, which guarantees risk-free investments. The interest rate on this scheme is 6.7% per annum, which is compounded on a quarterly basis. One can start investing in this scheme with a minimum of Rs 100 per month, and there is no maximum investment limit. This scheme is extremely beneficial for small investors, such as middle class families.
How to become a millionaire by saving Rs 1500?
If you deposit Rs 1500 every month, your total deposit amount in 5 years (60 months) will be Rs 90,000. At an interest rate of 6.7%, you will get an interest of around Rs 17,050 in this period. That is, after 5 years you will receive a total of Rs 1,07,050. If you extend this scheme for 10 years and keep depositing Rs 1500 every month, then your total deposit amount will be Rs 1,80,000. At an interest rate of 6.7% on this, you will get an interest of about Rs 76,283, after which you will get Rs 2,56,283 on maturity.