Funds worth lakhs can be made by depositing one thousand every month in the Post Office, understand the complete math of making money
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Small Investment Ideas: In the midst of rising inflation, it has become very difficult for people to save big. But, it is very important to make small savings for the future. Also, investing your savings in a safe place is a big responsibility. Whenever it comes to safe investment, the first name comes to the post office. Recurring Deposit (RD) is a scheme of the post office itself. The government is getting 6.5 percent interest on the RD scheme. Any Indian citizen can open it for five years. Joint or single account can be opened in RD. The minimum amount of investment in this is only hundred rupees. Whereas, there is no limit on the maximum investment.
what is post office rd scheme
Post Office RD Scheme (Post Office RD Scheme) is a savings scheme offered by the Indian Post Office. This is a type of investment scheme in which a person deposits a fixed amount at regular intervals, whose interest rate is received regularly on the deposited amount every year. The objective of this scheme is to provide a safe and informed investment option to the saving individuals. The tenure of RD scheme ranges from 5 years to 10 years, in which you can choose the time frame as per your choice. Also, the interest rate is subject to change at regular intervals and it is promised a regular annual interest rate. You receive periodic interest payments as the interest rate is updated at regular intervals. You can choose natural grace period or grace period obligation on the minimum amount of money deposited regularly in your RD account.
How to make a fund of lakh rupees
There is no limit on the minimum investment amount in this scheme. But, to understand the maths of investment, first of all, let’s start with an investment of one thousand rupees. If a person invests one thousand rupees every month, then for five years he will deposit 60 thousand rupees in RD account. He will get 11 thousand rupees interest on the investment amount. If you invest the entire amount including this amount of interest again for five years, then the investment amount will increase to Rs 1.20 lakh. At the same time, an interest of 49 thousand rupees will be received on this amount. After ten years the investor will get around Rs 1.69 lakh.
How to open RD account
Post Office RD (Recurring Deposit) To open an account first visit the nearest post office and fill an application form along with required documents such as application form, passport size photograph, address proof, PAN card etc. The post office staff will help and assist you to check the application form filled by you. Note that all required information must be true and accurate. There is a minimum deposit amount that you have to deposit to open an RD account. After this, you will have to deposit the amount in it regularly at regular intervals. Show all the required documents and application form to the post office employee and they will accept the application form to verify your identity. After all the formalities are completed, the post office will provide you a passbook and a slip to confirm your RD account. On this slip you have to pay the specified amount to be deposited in the RD account at regular intervals.
Other Post Office Schemes
Apart from RD, you can also invest in other post office savings schemes like PPF, NSC, KVP, SCSS etc. PPF is such a scheme in which the customer gets compound interest for 15 years. At present, interest rate of 7.1 percent is available on PPF. Compounding interest is the interest received on savings, which is calculated on both the principal amount and the interest earned in the previous period. Any citizen of India can invest in this scheme offered by the government. In this, any person can invest from five hundred rupees to 1.5 lakh per month. PPF account can be opened in any bank or post office.
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