Every individual aims to save a portion of their income. However, high living costs often hinder this goal. The Indian Postal Department has introduced a scheme that can help individuals save substantial amounts over a five-year period. By depositing a few thousand rupees each month, you can accumulate a significant sum along with considerable interest, which can greatly benefit your financial situation. To learn more about this initiative, you should reach out to your local postman, who can provide you with detailed information.
Post Office Recurring Deposit (RD) Benefits
If you are considering saving a portion of your income, visiting your nearest post office is a good option. Ajay Dubey, the Deputy Superintendent of Posts in Firozabad, informed Local 18 about a scheme available at their post office that allows individuals to save large amounts by making small monthly deposits.
The postal department offers a Recurring Deposit (RD) scheme where you can contribute monthly. According to the official, you can start with a minimum deposit of Rs 100. If you choose to deposit Rs 15,000 each month, after five years, you could receive a total of Rs 10,70,000 through this program. This post office scheme is an effective way to accumulate wealth in a relatively short time.
Interest Rate of 6.7 Percent Annually
The Deputy Superintendent of Posts emphasized that there is no need to travel far to benefit from this scheme. You can easily open an RD account at any nearby post office and start making small deposits. This scheme offers an annual interest rate of 6.7 percent, which is compounded quarterly.
By depositing Rs 15,000 each month, you will accumulate Rs 10 lakh over 60 months, along with an interest of Rs 1,70,492. To open an RD account, you will only need to provide your Aadhaar card and PAN card.
