If you also want to save Rs 5000 every month but are unsure where to invest, you don’t need to worry anymore. You can easily create a fund of lakhs by investing this money in the post office. The interest in Post Office RD has increased starting from the 1st. The government has raised the interest rates of Small Savings Schemes. Let us tell you what benefit you will get if you invest Rs 5000 every month in Post Office RD.
Start with Just Rs 100
You can begin investing in the Post Office RD (PORD) scheme with as little as Rs 100. Additionally, there is no maximum limit for investments in RD. You can increase your investment in multiples of Rs 10.
Earn Rs 56,830 Profit in 5 Years
If you invest Rs 5000 every month in the post office, you will receive approximately Rs 3,56,830 upon maturity after 5 years. Out of this amount, Rs 3 lakh will be your total investment, and Rs 56,830 will be the interest earned from the government.
Earn Rs 2.5 Lakh Interest in 10 Years
By extending your Post Office RD investment for 5 more years, making it a total of 10 years, you can receive Rs 8,54,272 upon maturity. In this scenario, your interest earnings will amount to Rs 2,54,272.
Updated Interest Rates by the Finance Ministry
The Finance Ministry has recently announced a hike in the interest rates for Post Office RD. The interest rate has been increased by 20 basis points, rising from 6.5% to 6.7% for the period between October 1, 2023, and December 31, 2023. These government schemes also provide the benefit of compound interest, offering better returns on your investments.
Held a meeting with the officials of @IndiaPostOffice regarding IT technologies.
Under the leadership of Hon’ble PM Shri @narendramodi ji, India Post has been modernizing its services through IT technologies to provide the best services to the citizens.
In the first phase, the… pic.twitter.com/YK1RDZX1Il
— Dr. Chandra Sekhar Pemmasani (@PemmasaniOnX) July 31, 2024
How to Apply for the Post Office RD Scheme
- Visit the Post Office: Collect and fill out the RD application form.
- Submit Documents: Provide ID proof, address proof, and a passport-size photo.
- Initial Deposit: Pay the first instalment (minimum Rs 100, in multiples of Rs 10).
- Nominee Details: Add nominee information if required.
- Payment Mode: Choose cash deposits or auto-debit via your savings account.
- Receive Passbook: Get an account passbook for transaction and interest records.
Online Option: Use the IPPB app/website to open an RD account and set up auto-debit payments.
Disclaimer
The information provided above is for general informational purposes only. Investment in the Post Office RD scheme is subject to terms and conditions set by the India Post. Interest rates, benefits, and policies are subject to change as per government notifications. Times Bull will not be responsible for any financial investments made, as it is entirely your responsibility. Please consult a financial advisor for better results.