Post Office Recurring Deposit Scheme: Earn Over ₹8 Lakh with a Monthly Investment of Just ₹5000:

Suspense Crime,Digital Desk:Post Office Scheme: If you want to earn a good amount of money without taking risks, then post office schemes may work well for you. These ideas can help earn good money in a short period. The Post Office Small Saving Schemes are very popular, which include the Office Recurring Deposit or Post Office RD. It also allows you to accumulate a substantial amount of Rs 8 lakh, if you are willing to invest Rs 5000 for a period of 5 years or 60 months. The added advantage of this scheme is the easy access to loans.

In 2023, the government revised the interest rates for the post office savings account and also gifted the investors by increasing the interest of the Post Office Recurring Deposit Scheme. These new rates are applicable in the October-December 2023 quarter. With reference to the investment and interest in this scheme, the interest rate works out to be 6.7 percent, which is revised quarterly. However, benefits under the scheme are granted on an annual basis.

Methods of accumulating 8 lakh rupees using simple Recurring Deposits

The scheme of calculating the investment and interest in Post Office Recurring Deposit (RD) accounts is quite straightforward. If we are to discuss how you can accumulate a total fund of 8 lakh rupees by saving 5000 rupees a month, allow us to explain. If you save 5,000 rupees every month in the Post Office Recurring Deposit Scheme, it has a maturity period of five years. During this duration, you will save a total of 3 lakh rupees and at the maturity period, you will receive interest amounting to 6.7% of your total funds accruing to 56,830 rupees. That is, during this duration your fund will cumulatively amount to 3,56,830 rupees.

Now if you add an additional 5 years to this RD scheme, up until ten years, the total amount you will save will stand at 6 lakh Rupees. With compounding interest at 6.7% during this period, your total interest accrued will stand at 2,54,272 rupees. Thus, in the span of a decade your funds will stand at a whopping 8,54,272 rupees.You can also take a loan

A Post Office Recurring Deposit Scheme account can be opened at any post office. One can start investing with as little as Rs 100. The RD account with Post Office has a term of five years. However, there is no restriction on closing the account before this period. This savings scheme offers flexibility. This deposit also offers a loan facility. After maintaining the account for one year, a loan of up to half the deposited amount can be withdrawn. However, the loan interest is two percent more than the charged interest.