Investing is important for securing your future. If you’re unable to make large investments, you can still save a significant amount of money by setting aside small amounts. There’s no risk involved, and your money grows over time. A great and safe option is the Post Office Recurring Deposit (RD) scheme. By investing in this scheme, you can earn lakhs of rupees even by saving a small amount of Rs 100.
Saving Rs 100 every day will lead to an investment of lakhs.
If you save just Rs 100 every day, you’ll deposit Rs 3000 per month. This means you’ll contribute Rs 36,000 every year. After 5 years, the total deposit will amount to Rs 1,80,000.
Now, let’s look at the interest you’ll earn. The Post Office RD scheme offers an annual interest rate of 6.7%. Over 5 years, you will earn approximately Rs 34,097 in interest. This means you will receive a total of Rs 2,14,097, which includes both your original investment and the interest.
Loan Facility Available
In this scheme of post office, you can also take a loan at the time of need. If you have deposited at least 12 instalments, then you can take a loan up to 50% of your deposit amount. The interest rate on this loan will be 2% more than the interest rate of RD. This loan can be repaid in installments and a nomination facility is also available in it.
Extend the scheme
If you want the benefit of this scheme even after 5 years, then you can easily get it extended for the next 5 years. After the extension, you will get the same interest on your amount as before. You can also close the extended account anytime, but the rules of interest will change on closing it – if closed for a short period, interest will be given as per the savings account.
How to close the account?
If you need the investment amount immediately, you can close this account after 3 years. But if you close it before maturity, you will get interest as per your savings account (which is currently 4%).
Disclaimer: For any financial investment anywhere, do it with your responsibility, Times Bull will not be responsible for it.