Invest Rs 10,000 and Earn Rs 7 Lacs: Here is How
The Post Office, India’s largest government organization, offers several lucrative schemes that millions of people across the country take advantage of for investment purposes.
Among these schemes, there is one in particular that has gained significant popularity among investors.
This Post Office scheme provides substantial returns on a 5-year investment, and the government has recently increased the interest rate for this quarter.
Currently, investors are enjoying a 6.5 percent interest rate through this Post Office Recurring Deposit (RD) scheme.
Earn Lakhs with Just Rs 10,000 Investment
Under the Post Office RD scheme, if an investor deposits Rs 10,000 every month, they can expect to receive Rs 7,10,000 after 5 years. Over the course of five years, they will deposit a total of Rs 6 lakh, earning Rs 1 lakh 10 thousand as interest.
Important Date for Depositing Money
For those opening an RD account in the post office between the 1st and 15th of the month, they must deposit their money by the 15th of every subsequent month. Conversely, if the account is opened on the 15th, the money should be deposited by the end of that same month.
New Interest Rates Effective July 1
The new interest rates for Post Office schemes, including the recurring deposit scheme, have come into effect from July 1.
Investors benefit from annual interest, which is calculated on a quarterly basis. The government determines the interest rates at the beginning of each quarter.
The Post Office recurring deposit scheme has a tenure of 5 years, with the option to extend for another five years.
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