Post Office Scheme: If You Deposit Rs 5,000! You Will Get Rs 3,56,830

In search of better investment, most times, people deposit their acquisition in the wrong scheme and later regret their options. If such a thing is happening to you and you are looking for a safe and good return scheme these days, you can go to the post office. It runs many small saving schemes like Post Office RD Schemes under which you can get guaranteed and great returns on your investment.

Post Office RD Scheme

RD stands for recurring deposit as it is an option of investment where the amount is deposited in equal parts in a specific interval along with higher interest rates than bank rates. Under this scheme, an RD account holder will transfer a fixed amount to his account at definite intervals every month to get a good return.

The amount can be deposited under this Post Office Recurring Deposit Scheme from 1 to 5 years. Deposited for five years, the interest is at a maximum rate of 6.7% per annum. Today’s article will be all about an RD scheme.

how much interest did you get from an RD account?

By the way, capital made in post offices would be safe for people lest they should worry about it. RD scheme is one of them. The interest is laid down by the government. Let us tell you that the interest rates in the Post Office RD Scheme have been enhanced by the Government of India. Currently, the interest rates for the Post Office Recurring Deposit Scheme have been set to 6.7% per annum.

Here’s the return on ₹ 5000 deposit.

Well, you must have an idea about investing in an RD account. In the same manner, if you invest Rs 5,000 each month for five years, you will create a seriously big fund. The amount that you would invest would turn into Rupees 3,00,000 in exactly five years. A 6.7 percent interest rate will be awarded on the depositable amount. So in total, you will get Rs 3,56,830 on this deposit after the completion of five years. Here, the interest portion, that you will earn, will be Rs 56,830.

This will keep your account open-

Every citizen in India can open an account by visiting the nearest post office. Parents can also open accounts on behalf of their minor children. Just open the recurring deposit account to start depositing every month at Rs 100. There is no ceiling on the maximum amount deposited. Let’s find out which documents are required for opening an RD account at the post office.