Post Office scheme: If you are planning to accumulate a substantial corpus by making small daily savings and are looking for a savings scheme that not only ensures safe investment but also offers impressive returns, then the government schemes operated by the Post Office can be useful for you. The Indian Post runs small savings schemes for children, the elderly, and women. One of these schemes is the Post Office Recurring Deposit Scheme, in which you can earn more than Rs 10 lakh by saving just Rs 200 daily.
The government is offering a robust interest rate of 6.7%.
The Post Office RD Scheme offers an interest rate of 6.7%. An account can be opened under this scheme with an investment of just ₹100. It should be noted that the government itself guarantees the security of investments in post office savings schemes, meaning investments in these schemes are completely risk-free.
The maturity period is five years.
The Post Office RD scheme has a five-year maturity period and can be extended for another five years. This allows for even greater benefits. Small savings can be made to accumulate a substantial corpus in this scheme. Anyone 18 years of age or older can open an account under the PO RD scheme by visiting the nearest post office.
You can also take a loan against your investment.
Investors can also access a loan upon opening an account under the Post Office Recurring Deposit Scheme, making the RD scheme even more unique and popular. If investors wish to take a loan against their investment, certain rules have been established. Under these rules, a loan of up to 50% of the deposit amount can be obtained after the account has been in operation for one year. Only a 2% interest rate applies.
Premature Closure Facility
Regarding other benefits of investing in a Recurring Deposit Scheme, this government scheme not only allows the investment to be extended beyond the maturity period, but also offers a premature closure benefit. Investors can choose this option after three years if they wish. If the account holder passes away, the nominee can claim the proceeds and continue the investment if they wish.
Calculating ₹200 to ₹10 Lakh
Now, let’s explain how saving just ₹200 daily can accumulate a corpus of over ₹10 lakh. The calculation is simple. If an investor saves ₹200 per day, they will save ₹6,000 per month. This amount must be invested in a recurring deposit scheme every month. Over the five-year maturity period, the total deposit will be ₹360,000, while the interest earned will be ₹68,197, resulting in a total corpus of ₹428,197.
The investor must now extend their investment for another five years. By doing so, their investment will be ₹7.20 lakh in 10 years, and their interest earnings alone will be ₹205,131. Consequently, the total corpus accumulated over these ten years will be ₹1025,131.
The post Post Office scheme: Investing ₹200 daily in the Post Office scheme will earn you a full ₹10 lakh. first appeared on informalnewz.
from informalnewz https://ift.tt/EYKn5OM
0 Comments