Post Office RD Scheme: This government small savings scheme operated by the post office offers interest at the rate of 6.7 percent, the maturity period for investment in it is fixed at five years.
Post Office RD Scheme: Post Office small savings schemes are preferred for giving safe investment as well as great returns. One such popular scheme is Post Office RD which is a scheme to make a millionaire. By investing a fixed amount every month in this, you can deposit a fund of more than Rs 8 lakh in 10 years. Let’s understand the complete calculation…
So much interest in this scheme of Post Office
Saving schemes are being operated in the post office according to every age group, be it children, old or young. The Post Office Recurring Deposit Scheme included in these has emerged as a best option for investment. The maturity period in this scheme has been fixed at 5 years, which can also be extended to 10 years. Last year in 2023 itself, the interest rate on investment in it was increased from 6.5% to 6.7%.
You can open an account with just Rs 100
You can open an account in Post Office Recurring Deposit Scheme by going to any nearest Post Office. In this, investment can be started from Rs 100, while no limit has been fixed for maximum investment. The maturity period of this scheme is five years. An account can also be opened in the name of a minor in Post Office RD. However, in this, parents are also required to give their name along with the document.
Loan facility with pre-mature closure
If you have opened an account in Post Office RD Scheme and are thinking of closing it due to any problem, then the facility of pre-mature closure is also given in this scheme of Post Office. Yes, if you want, you can close the account before the maturity period is over. Loan facility is also provided in this. However, after the account is active for one year, loan can be taken only up to 50 percent of the deposit amount. Talking about its interest rate, it is 2 percent more than the interest rate you are getting.
This is how you will collect more than 8 lakh rupees in 10 years
If we calculate the investment and interest in Post Office RD, then if you invest Rs 5,000 every month in this scheme, then in its maturity period i.e. five years, you will deposit a total of 3 lakh rupees and Rs 56,830 will be added to the interest rate at the rate of 6.7 percent. After this, your total fund will be Rs 3,56,830. Now if you extend this account for another five years, then the amount deposited by you in 10 years will be Rs 6,00,000. Along with this, at the rate of 6.7 percent, the interest amount on this deposit will be Rs 2,54,272. According to this, your total fund deposited in a period of 10 years will be Rs 8,54,272.
Here keep in mind that TDS is deducted on the interest received on investment in Post Office RD Schemes, which is refunded according to the income after the investor claims ITR. TDS of 10 percent is applicable on the interest received on RD. If the interest received on RD is more than Rs 10 thousand, then TDS will be deducted.
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