In today’s economic era, everyone wants to earn a lot of money. If you also want to make a big fund by making a big investment, then the small saving schemes of the post office are very popular. You can earn a lot of money through this.
One such scheme of the post office is Recurring Deposit (RD). In this, your money will be 100% safe. That is, there is no risk of any kind. The more money you invest, the more returns you will get. By investing only Rs 5000 every month, you can raise a huge amount of up to Rs 8 lakh. On the other hand, by depositing Rs 10,000, you can create a huge fund of Rs 16 lakh.
Let us tell you that the post office deposits have the sovereign guarantee of the Government of India. Whereas, the maximum amount of money on bank deposits is only Rs. 5 lakhs. In this way, you can create a fund of lakhs by investing small savings every month.
Earn big money with Post Office RD scheme
Post Office Recurring Deposit (RD) is such a scheme which promotes small savings. Although its maturity is 5 years, but you can also extend it for 5-5 years. At least Rs 100 has to be deposited every month in the RD of the post office. There is no maximum investment limit in this. Excellent returns can be achieved through this. 6.7 percent interest is being given under this scheme. Along with this, interest will be given at the rate of compound interest. Both single account and joint account facilities are available in RD.
Create a fund of 8 lakhs like this
If you deposit Rs 5,000 every month in a post office RD, you will get Rs 8,54,272 on maturity in a period of 10 years. Currently, 6.7 percent annual interest is being given on post office RD. The interest is compounded on a quarterly basis.
There may be a fine
If you do not deposit the installment on time, you will have to pay a penalty. It will be Rs 1 for every Rs 100. This means that if you are unable to deposit any installment, you will have to pay a penalty of 1 percent. On the other hand, if you do not pay the installment 4 times, your account will be closed.
Loan facility is available
After one year, a one-time loan facility of up to 50% of the deposited amount is also provided. Which can be repaid in lump sum along with interest. Not only this, this account can also be transferred from one post office to another. Installments can also be deposited online through IPPB savings account.
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