The Post Office Recurring Deposit (RD) scheme is a government savings scheme that offers customers an opportunity to earn good returns over time by investing small amounts regularly.
Let’s understand how you can get Rs 10 lakh by investing in this scheme:
1. Amount of Investment:
- You will need to invest ₹15,000 per month.
- This investment has to be continued for 5 years.
2. Rate of interest:
- Currently, 6.7% annual interest rate is offered on RD scheme.
3. Calculation:
- In 5 years, your total investment will be ₹90,000 (₹15,000 x 60 months).
- At 6.7% annual interest rate, you will get ₹1,70,492 interest in 5 years.
- At maturity, you will get a total of ₹1,07,0492 (₹90,000 + ₹1,70,492).
Note:
This calculation is approximate and the actual return may be slightly lower or higher as interest rates may change.
You can calculate the return for your specific investment using the RD calculator.
Advantages of Investing in Post Office RD Scheme:
- Safe investment: Post office is a government institution, so your investment is safe.
- Good returns: RD scheme offers better returns than other savings schemes available in the market.
- Tax Benefits: You can get income tax relief on interest earned under RD scheme.
- Flexibility: You can choose the investment amount and tenure as per your convenience.
- If you want to invest small amounts regularly and earn good returns over time, Post Office RD Yojana is a great option.
How to Invest in RD Scheme:
You have to go to the nearest post office and fill the form for RD scheme.