Post Office Recurring Deposit (RD) is an investment scheme that is especially suitable for those who are looking for stable returns while avoiding risk. In this scheme, investors get guaranteed returns and their money is safe.
If you are also looking for such a scheme, then the RD scheme of the post office can be a great option. In this, you do not need to invest a large lump sum amount, rather you can earn good returns by depositing a fixed amount every month.
If you invest Rs 7000 per month in this scheme, let us know how much money you can save in 10 years.
The interest rate of the Post Office RD scheme is 6.7%, which is calculated on a quarterly basis. If you invest Rs 7000 per month, then in 5 years your total deposit amount can be around Rs 5 lakh, which will give an interest of Rs 79,564. If you extend this RD for 10 years, then your total investment amount will be Rs 8,40,000, which will give you a maturity amount of around Rs 11.95 lakh.
One of the major advantages of this scheme is that it can be opened with as little as Rs 100, and there is no maximum investment limit. Apart from this, investors also get the benefit of compounding interest, and they can open it as a single or joint account.
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