Post Office Scheme: Are you looking for a scheme with good returns without any risk? You can get a risk-free return of Rs 8 lakh in this post office scheme. Recently, the central government has increased the interest rates of small savings schemes.
Post Office Scheme: Are you looking for a scheme with good returns without any risk? In this post office scheme, you can get a return of Rs 8 lakh without any risk. Recently the central government has increased the interest rates of small savings schemes. Post office recurring deposit interest rates have increased by 30 basis points. The central government has increased the interest rate from earlier 6.2 percent to 6.5 percent. This interest rate is applicable for the period July-September 2023. This scheme is beneficial for those who want to save a fixed amount of money every month for ten years. In this scheme of post office, the risk is less and the return is more.
Post Office Recurring Deposit Scheme is available in every post office. Anyone above 18 years of age can invest in this scheme. Three people can also open a joint account. Parents can open this scheme in the name of minors. You can start investing in this scheme with a minimum of Rs 100. Firstly, recurring deposit is opened for 5 years. After this it can be extended for next 5 years.
At present, 6.5 percent interest is being given in the recurring deposits of the post office, but this interest is applicable only for the July-September period. The central government revises interest rates once every three months. Therefore, interest rates on savings schemes may increase, decrease or remain constant.
Saving Rs 5,000 every month for 10 years in a post office recurring deposit account will yield a return of Rs 8.46 lakh at the current interest rate of 6.5 percent. If the amount deposited in 10 years is Rs 6 lakh then the interest will be Rs 2.46 lakh. If the government increases the interest rate, the returns will be higher and if it lowers the interest rate, the returns will be lower. Post Office Recurring Deposit account can be closed after three years of opening. 50 percent loan can also be taken after one year of account opening. Many savings schemes of the Central Government are available in the post office. There are many schemes in it like Sukanya Samriddhi Yojana, Kisan Vikas Patra, PPF, Recurring Deposit.
