If you deposit 50 rupees daily, you will get more than 10 lakh rupees in 25 years.
At this time, we are going through a difficult period. In such a situation, it is possible that you do not want to put more money in any risky option. There are a lot of investment instruments in the market, in which your money will be safe by depositing money and you will continue to get profits. Bankbazaar.com CEO Adil Shetty is telling us that the Post Office Recurring Deposit (RD) scheme is one such option in which if you invest 50 rupees a day or 1500 rupees a month, then you can deposit a good amount in some time. Huh.
Post Office Recurring Deposit Scheme
Post office RD is one of the small saving schemes supported by the Government of India. This savings scheme is a good option for risk-taking investors. This scheme gives investors the opportunity to invest a fixed amount at regular intervals. You can open this account alone or with an adult under a joint account. This account can also be opened for a minor but for this it is necessary to follow certain rules. It is good to understand all the rules before opening an account for a minor.
The time period of post office recurring deposit is 5 years. But you can extend this period further by 5–5 years by applying. To invest in this option, you have to deposit at least 100 rupees every month, which should be in multiple of 10 rupees. There is no maximum limit to invest in it.
Rate of interest
The scheme offers depositors a higher rate of interest than a Savings Bank Account (SB Account). The interest amount is compounded on a quarterly basis. This scheme is included in the government’s small savings scheme, so the Union Finance Ministry reviews the interest rate every quarter. The government has fixed the interest rate for the post office recurring deposit at 5.8% for the July-September quarter.
If you deposit 50 rupees daily, how much will be collected
If you deposit 50 rupees (Daily 50 Rupees only) daily or 1500 rupees (1500 Rupees in a month) in this investment option, then at the rate of 5.8%, in five years, deposit Rs 1,05,095. Will get But if you deposit this amount for 25 years, then you will get a return of Rs 10,39,893 at the same rate.
The Post Office Recurring Deposit is a highly secured Small Saving Scheme, in which the Government of India gives full guarantee to return all your money with interest. If you cannot commit more money to invest now, then it is a good option for a short time. The sooner you take steps in this direction, the better.