If you are planning for savings then today’s article will amaze you. Today we will tell you about that one post office scheme where you can invest a little and accumulate a fund of millions. Yes you’ve heard it right. We are talking about the Post Office Recurring Deposit (RD). This scheme is also referred to as RD. If you save and invest just 100 rupees daily in RD, you can accumulate a fund of millions.
Post Office Recurring Deposit (RD)
If you save 100 rupees daily, you will save 3000 rupees in a month. You need to invest this money in the post office RD every month for a total of 5 years. By investing 3000 rupees in RD every month, you will invest 36,000 rupees in a year. Over 5 years, you will invest a total of 1,80,000 rupees in RD. You will receive interest at the rate of 6.7 percent on this. Therefore, after 5 years, you will receive a total of 2,14,097 rupees, of which 34,000 rupees will be just the interest.
Closing the RD before time will result in a loss
If you close the RD before its maturity, you will receive interest at the rate of the post office savings account. Currently, the interest rate for the post office savings account is only 4 percent.