Everyone wants to save some part of their income and invest in schemes that keep money safe while providing good returns. The small savings schemes of India Post have become quite popular among investors. One such attractive option is the Post Office Recurring Deposit Scheme, where regular investment can generate Rs 2 lakh 54 thousand from interest alone, with complete government guarantee.
Government Offers 6.7% Interest Rate
The biggest advantage of government-run savings schemes is that they are completely risk-free, ensuring every investment remains safe. By investing just Rs 5,000 per month in the Post Office Recurring Deposit Scheme, investors can deposit Rs 6 lakh over 10 years and earn more than Rs 2 lakh 54 thousand in interest. The government currently offers 6.7 percent annual interest on this small savings scheme.
Simple Income Calculation
Calculating returns in the Post Office Recurring Deposit Scheme is straightforward. Investors need to deposit Rs 5,000 every month regularly until maturity. The scheme has a 5-year maturity period, making the total investment Rs 3 lakh during this period. At 6.7 percent interest rate, the earned interest will be Rs 56,830, bringing total returns to Rs 3 lakh 56,830 in 5 years.
If investors continue for another 5-year term, the total deposit amount over 10 years becomes Rs 6 lakh. The interest earned at 6.7 percent rate will be Rs 2 lakh 54,272, making the total maturity amount Rs 8 lakh 54,272.
Easy Account Opening and Loan Facility
Anyone can open an account under the Recurring Deposit Scheme at their nearest post office. Investment in this government scheme can start with just Rs 100. Additionally, the account can be closed before completing the 5-year period if needed. According to scheme rules, account holders can avail loans up to 50 percent of their deposit amount at only 2 percent interest rate.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
