Post Office RD: Post Office offers guaranteed returns with higher interest rates in this scheme.
Post office schemes are highly favored by the country’s middle class. It offers guaranteed returns and a safe investment option. With various schemes available, investing a small amount every month can yield significant returns over the years. One such great scheme is the Recurring Deposit (RD), which allows you to start investing with just Rs.100.
Recently the central government increased the interest rate on Recurring Deposits (RD) from 6.2 percent to 6.5 percent. The amount you secure for Recurring Deposit (RD) at the start of the investment remains unchanged till maturity. Let’s find out what kind of returns you can get on investing in Recurring Deposit (RD).
If you invest Rs 2000 per month for Recurring Deposit then you will get Rs 1,41,983 at maturity. If you invest Rs 2000 per month then you will invest Rs 24 thousand per year as Rs 66 per day. Which will become Rs 1,20,000 over a period of 5 years. With which you will get interest of Rs.21,983. As a result the total amount of maturity will be Rs.1,41,983.
On the other hand, if you invest Rs 4000 per month for recurring deposit , you will get Rs 2,83,968 at maturity. If you invest Rs 4000 per month then you will invest Rs 48 thousand per year as Rs 133 per day. Which will become Rs 1,20,000 over a period of 5 years. With which you will get interest of Rs 43,968. As a result the total amount of maturity will be Rs.2,83,968.
India Post is a government-run postal system in India, part of the Department of Posts under the Ministry of Communications. Commonly known as Post Office, it is the most comprehensive postal system in the world. Warren Hastings initiated the postal service in the country in 1766 under the East India Company.
In 1854 Lord Dalhousie changed it to a service under the Crown. In 2013, it was reported that the Indian Postal Service had made plans to enter the banking industry following the release of RBI guidelines for new banking licences. It plans to open independent banking services Post Bank of India
