If you want to earn good money without risk, then Post Office schemes can be better for you, which can help you earn good money in a short time. Post Office Small Saving Schemes are very popular, which also includes Office Recurring Deposit i.e.
Post Office RD. In this scheme, you can raise a huge amount of Rs 8 lakh by investing just Rs 5000 every month. The specialty of this scheme is that people can also get loans easily.
In the year 2023, the government gave a gift to the investors by increasing the interest rate on the Post Office Recurring Deposit Scheme. These new rates are applicable in the October-December 2023 quarter. Talking about the interest rate on investment in this scheme, an interest rate of 6.7 percent is available, which is revised on a quarterly basis. But under the scheme, benefits are given on an annual basis.
How to raise Rs 8 lakh just from RD It
is very easy to calculate the investment and interest in Post Office RD and if we talk about how you can raise a fund of Rs 8 lakh by saving just Rs 5,000 per month under this scheme, then let us tell you that if you invest Rs 5,000 every month in the Post Office Recurring Deposit Scheme, then in its maturity period i.e. five years, you will deposit a total of Rs 3 lakh and at the rate of 6.7% interest on this will add Rs 56,830. That means, in total your fund will be Rs 3,56,830 in five years.
Now you should extend this RD for another five years. Meaning if you extend it for the next five years, then the amount deposited by you in 10 years will be Rs 6,00,000. Along with this, the interest amount on this deposit at the rate of 6.7 percent will be Rs 2,54,272. In this way, your total fund deposited in 10 years will be Rs 8,54,272.
You can also take a loan.
You can open an account in Post Office Recurring Deposit Scheme by going to any nearest post office. You can start investing in it from Rs 100. The maturity period of Post Office RD is five years, but if you want to close the account before the completion of this period, then this facility is also available in this saving scheme. Loan facility is also given in this. After the account is active for one year, a loan of up to 50 percent of the deposit amount can be taken. However, the interest rate on the loan is 2 percent higher than the interest rate.
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