New Delhi: You can earn substantial returns by investing in Post Office schemes. If you have funds and wish to invest them wisely, certain special Post Office schemes can help you build significant wealth. You have likely heard of the Post Office Recurring Deposit (RD) scheme; participating in it offers impressive interest rates on your investment, an opportunity you certainly shouldn’t miss.
This remarkable scheme allows you to easily accumulate a corpus of ₹15 lakh by investing just ₹300 daily, without any hassle. The best part is that there is no requirement for a lump-sum deposit, and your investment is guaranteed. Overall, it offers a secure investment avenue with excellent future returns.
An account can be opened with ₹100
You can start small with the Post Office Recurring Deposit scheme, and these modest investments can easily grow into a substantial fund. Notably, the scheme offers an interest rate of up to 6.7%. You can open a Post Office RD account at any post office with an initial investment of just ₹100.
There is no upper limit on the investment amount; you can invest as much as you wish. The Recurring Deposit scheme also offers the facility to open a joint account; you can choose to open either a single or a joint account. Regarding the tenure, this government scheme has a fixed maturity period of five years, which can be extended for another five years.
How to build a fund of ₹15 lakh
You can easily build a fund of up to ₹15 lakh through the Post Office RD scheme. This requires a daily investment of ₹300. By doing so, you save ₹9,000 per month; if you deposit this amount regularly until maturity, your total contribution will amount to ₹5.4 lakh, and your final corpus will grow to ₹6,42,291.
Of this total, ₹1,02,291 will be earned solely as interest. You can extend the tenure of this fund by 5 years instead of withdrawing it. If you do so, your total investment over 10 years would amount to ₹10.80 lakh. You would earn over ₹4.57 lakh from interest alone, bringing the total value of the fund to ₹15,37,692.
Key details about the scheme
You can open an account under the Post Office Recurring Deposit scheme. However, before opening the account, there are some important points to understand. If you miss paying an instalment on time during the investment period, a penalty of 1% per month will be charged. Furthermore, if you fail to pay four consecutive instalments, the recurring deposit account will be automatically closed.
