It is said that money makes money. But, for this it is not necessary that you have a large amount, only then you can create a bank balance. If there is a habit of understanding, moderation and regular saving, then even a small investment of Rs 100-100 can raise a huge amount in your bank. If you keep a target of saving 100 rupees every day, then you will save about 3000 rupees in a month. If this amount is deposited every month in the recurring deposit (RD) of the post office, then in the next five years, this amount will exceed Rs 2 lakh. The special thing in this is that there is no risk on the deposit in the post office and your money remains completely safe. Let’s know the calculation and terms and conditions…
small savings great
A small deposit every month in the Post Office Small Savings Scheme RD will gradually become a big fund. According to the information available on the website of the post office, you can start investing in Recurring Deposit (RD) at the post office with just Rs 100. It has this facility that once the account is opened with Rs 100, you can make further deposits in multiples of Rs 10-10. There is no maximum investment limit in this.
How much profit on 5 year deposit
Post office RD is currently getting 5.8% annual interest. In this, the interest is compounded on a quarterly basis. In this, if you deposit Rs 3000 every month according to daily savings of Rs 100, then after maturity in five years (60 months), you will get about Rs 2.10 lakh. In this, the interest income will be more than 29 thousand.
How to open account
RD account can be opened in any branch of the post office for just Rs 100. In this, any number of accounts can be opened by a person. In this, apart from single, up to 3 persons joint account can be opened. Guardian account can be opened for minors.
Loan facility as well
Loan can also be taken against RD account in post office. The rule is that after depositing 12 installments, a loan can be taken up to 50 percent of the amount deposited in the account. The loan can be repaid in a lump sum or in installments. The interest rate of the loan will be 2 percent more than the interest on RD.
Can be closed even earlier if needed
If you need money before 5 years, then you have the option to close the account prematurely. However, this option is available after 3 years from the date of account opening.
