Post Office Recurring Deposit (RD) Scheme
The post office RD scheme currently offers an interest rate of 6.7% per annum. You can open a single or joint account with a minimum deposit of ₹100.
Saving ₹333 Per Day
By saving ₹333 daily (approximately ₹10,000 per month), you can build a substantial corpus over time.
Penalty on Missed Instalments
A 1% penalty applies for late instalments. If four consecutive instalments are missed, the account may be closed.
How Will You Become Rich?
Investing ₹10,000 per month results in ₹1,20,000 annually. Over 5 years, the total investment will be ₹6 lakh, which grows to ₹7.13 lakh with interest.
Extending for 10 Years
If extended to 10 years, a ₹12 lakh investment will yield approximately ₹5.08 lakh in interest. The total maturity amount would be around ₹17,08,546.