Post Office RD: To raise a substantial amount of funds, you do not have to commit to a large investment on every occasion. Saving small amounts can lead to the accumulation of millions of dollars in funds. Investment requires consistency. Numerous government schemes allow you to begin investing with only Rs 100.
Post Office Recurring Deposit Scheme (RD) will receive a yearly interest of 6.7% starting on 1 January 2024. It offers cyclical interest. It’s interesting that there is no market related concern with post office deposits, ensuring your money’s safety. The entire process of generating profit from capital is reliant on your modest savings. Suppose you set aside Rs 100 each day, resulting in Rs 3,000 saved per month.
Rs 3,000 each month will result in a maturity amount of Rs 2.14 lakh after five years
As per the post office RD calculator, depositing Rs 3,000 each month will result in a maturity amount of Rs 2.14 lakh after five years. The total amount you will invest is Rs 1,80,000, with an interest amount of Rs 34,097. It also offers the option for nominations. The RD account can be extended for an additional 5 years after reaching maturity. You can begin investing in recurring deposits with as little as Rs 100 at the post office. Once you have opened an account with a minimum of Rs 100, you are able to deposit any amount between 10 and 10 rupees. There is no cap on the maximum investment amount.
A person can own numerous accounts
In this situation, an individual has the ability to create numerous accounts. Other than an individual, a group of three individuals can also open a shared account. Parents can open accounts for their underage children. The post office RD account reaches maturity after 5 years. Nevertheless, early closure is possible after three years. After making 12 payments into the RD account at the post office, it is possible to borrow up to half of the deposited amount in the account.
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