Post Office RD: You do not even know when your small savings will give you good profits. There are many schemes of post office in which you can earn a lot of profit by investing. There is one such scheme in which you can invest even from 100 rupees.
Post Office Recurring Deposit Scheme (5-Year Post Office Recurring Deposit Account) is getting 5.8% annual interest. Let us tell you, in this scheme the compound interest is calculated on a quarterly basis.
The maturity of Post Office Recurring Deposit ie PORD is after five years. After this it can be extended once for another 5 years. Meaning you can run it for 10 years. Today we will tell you that if you start a monthly investment of Rs 10,000 in PORD, then how much money you will get on maturity, as well as the other benefits available on this scheme. Let me tell you, there is no risk on deposits in the post office, here your money is completely safe.
This is how calculation is done on Post Office RD
According to the information available on the post office website, one can start investing in Recurring Deposit (RD) from Rs 100 in the post office . Also, there is no limit of maximum investment in it. In this scheme, you get an annual interest of 5.8%.
How much money will be received from 10 thousand rupees
If you deposit Rs 10,000 every month, then after 5 years you will have a guaranteed fund of Rs 6,96,968 and also earn Rs 96,968 from interest. In this amount, 6 lakh rupees are for your investment.
How much fund will be received in 10 years
If you extend the Post Office RD scheme once after 5 years for another 5 years, then you will get a guaranteed return of Rs 16,26,476. In this, Rs 12 lakh will be your investment. Whereas, Rs 4,26,476 will be earned from interest.
Can take loan on deposit
Let us tell you, you can also take a loan on RD account in the post office. There is a rule for this that after depositing 12 installments, you can take a loan up to 50% on the deposit. You can repay the loan in one go or in installments. The loan interest rate will be 2% higher than the interest on RD. Also, you can pre-mature closure of this scheme after 3 years.
