Post Office Recurring Deposit Plan: If you want to create a fund of Rs 16 lakh, then invest Rs 10,000 every month in this post office scheme.
If you are looking for a scheme that will grow your money fast, then the only way is investment. You can choose Post Office Recurring Deposit Plan for investment. By enrolling in the Post Office Recurring Deposit Scheme, you can deposit a substantial amount of Rs 16 lakh in just ten years. In addition, the Post Office offers a wide range of additional benefits once you enroll in the program. You can invest risk-free in this.
With just Rs 100, you can start with the Post Office Recurring Deposit Scheme. In this scheme, you can deposit money by investing along with saving and earn safe profits.
When can I withdraw money from Post Office Recurring Deposit Scheme?
You can withdraw money at any time after 5 years from the Post Office Recurring Deposit Scheme. However, this amount will mature only after 10 years. According to statistics, the interest rate on Periodic Deposit Plan is 5.8 percent.
How much will have to be deposited for Rs 16 lakh?
In the Post Office Recurring Deposit Scheme, you will have to deposit Rs 10,000 every month. If you deposit Rs 10,000 per month for 10 years, then Rs 12 lakh will be deposited with you. At the same time, after the annual interest rate of 5.8 percent, this amount will become Rs 16,26,476 on maturity. If you withdraw before 5-years, the payout will be less.
However, if you do not make the investment in Post Office Recurring Deposit every month for 4 months on time, your account will be terminated. You have to start again. Also you will have to pay fine on this. You have to do the paperwork before making any further investments. For this, you will have to go to your local post office and ask for the details.
