Post Office: If you are thinking of investing your hard-earned money in a safe place, then today in this article we are telling you about the Recurring Deposit Scheme of Post Office. If you invest ₹ 10000 every month, you will get bumper returns in 5 years. Let us know…
Post Office Superhit Scheme: The Ministry of Finance has announced changes in the interest rates of small savings schemes for the July-September quarter. Under this change, 5 years recurring deposit has been made more attractive.
The government increased its interest rates by a whopping 30 basis points. Now the interest on post office recurring deposits will be 6.5 percent instead of 6.2 percent. Apart from this, the interest rate on time deposits of 1 year and 2 years has also been increased by 10 basis points.
This is a scheme which is for medium term investors. Interest of 6.5 percent is available annually, but the calculation is done on the basis of quarterly compounding.
A minimum amount of Rs 100 and thereafter any amount in multiples of Rs 100 can be deposited. Let us tell you that unlike banks, recurring deposits of post office are only for 5 years. Later it can be extended again for 5 years. During the extension, you will get the benefit of old interest rates only.
By depositing Rs 10 thousand you will get Rs 7.10 lakh
According to Post Office RD Calculator, if an investor deposits Rs 10 thousand every month, then after five years he will get Rs 7 lakh 10 thousand. His total deposited capital will be Rs 6 lakh and the interest share will be around Rs 1 lakh 10 thousand.
By what date is it necessary to deposit the installment?
If you also want to open a Recurring Deposit account in the post office, then let us tell you that if you open the account between 1st-15th.
So the deposit has to be made by 15th of every month. If the account is opened in any month after the 15th, then the installment will have to be deposited by the last of every month.
One day’s haste will cause big loss
Loan facility is also available after depositing 12 installments. The interest rate will be 2 percent more than the RD account interest rate. If the account is closed even 1 day before 5 years, then only the benefit of savings account interest will be available. Currently the interest rate on savings account is 4 percent.