In today’s world, there are many ways to invest your money. One popular and safe choice for many people is the Post Office Scheme.
Today, we want to talk about a specific part of this scheme called the Post Office Recurring Deposit Scheme.
It’s a good way to get strong returns on your investment. With this scheme, you can invest a small amount every month and still get significant returns.
If you’re interested in this investment option, we’ll share the details with you.
Getting the benefit of such interest rate
The government chooses how much interest you get on small savings plans at the post office every three months.
At the end of September, the government set the interest rates for the Small Savings Scheme.
In this case, for the period between October and December 2023, the government has set the interest rate for the 5-year RD scheme at the post office to 6.70 percent.
It used to be 6.50 percent before. Now, it has gone up by a total of 20 basis points. These rates are valid from October 1 to December 31, 2023.
Build a big fund by investing small amounts every month!
You can make a significant fund by putting a little money each month into the post office RD scheme.
Using the post office RD calculator, if you invest Rs 5,000 every month for 5 years, the total amount collected in this scheme will be Rs 3 lakh.
At the 6.70 percent rate, you’ll receive Rs 56,830 as interest on this sum. In total, you’ll get Rs 5,56,830 on maturity.
Loan is available against RD amount
With the Post Office Recurring Deposit Scheme, customers can also get a loan using the money they have deposited. You can borrow 50 percent of the total deposit amount.
Remember, you can only take the loan after 3 years, and its interest rate is 2 percent higher than the RD scheme’s interest rate.