Post Office schemes continue to be a popular choice among the middle class in India, offering guaranteed returns and a safe investment option.
In addition to other schemes, the Post Office provides a Recurring Deposit (RD) scheme where individuals can earn returns by depositing money every month.
Interest Rates Increased
The central government has recently raised the interest rate on recurring deposits from 6.2% to 6.5%.
In the RD scheme, the amount invested remains constant throughout the investment period, with fixed interest rates.
The key is to make monthly deposits to accumulate returns over time.
2000 Monthly Deposit Returns
By investing Rs 2,000 every month in an RD, the maturity amount will be Rs 1,41,983.
Over a period of 5 years, investing Rs 2,000 per month accumulates to an annual investment of Rs 24,000 or Rs 66 per day.
At the end of the term, the investment will yield an interest of Rs 21,983, resulting in a total maturity amount of Rs 1,41,983.
4000 Monthly Deposit Returns
For those depositing Rs 4,000 every month in an RD, the maturity amount will be Rs 2,83,968.
With a monthly investment of Rs 4,000, the annual investment amounts to Rs 48,000 or Rs 133 per day.
Over a 5-year period, the interest earned will be Rs 43,968, resulting in a total maturity amount of Rs 2,83,968.
The Post Office RD scheme provides an opportunity to steadily grow savings and earn a substantial return over time.
Individuals can choose the monthly deposit amount that suits their financial capability and enjoy the benefits of this government-backed investment scheme.
