Investments at the post office are regarded as very safe and secure. As a result, many people have made investments in its plan. Many post office schemes are highly popular. A recurring deposit from the post office is one of them. You can start with Rs 100 if you want to invest in a post office recurring deposit scheme.
A small-savings scheme:
The post office’s recurring deposit scheme is a simple way to save money. Interest is currently accruing at a rate of 5.80 per cent on this post office plan. This interest rate is in effect since April 1, 2020. Every three months, the central government sets the interest rates for its savings schemes. You can choose to invest in the post office recurring deposit plan for a term of one year, two years, or even longer, depending on your convenience.
Read More: Digital Rupee: What is it? Where to get it? How to use? All your queries answered here
Compound Interest:
You will receive interest every three months if you invest in this post office plan. The amount of interest and compound interest is credited into your account at the end of every three months. You need to go to the closest post office to open an account under this plan. You can raise a lot of money for yourself if you invest in this plan for a long time.
Know how can raise lakhs of rupees:
If you invest Rs. 10,000 each month in the recurring deposit scheme, you would receive Rs. 16 lakh after 10 years. If you deposit Rs. 10,000 per month, you will have invested Rs. 1,20,000 in a calendar year. Similarly to that, you have ten years to invest in this plan.
You will invest around Rs. 12,00,000 in this manner. Following this, when the scheme reaches maturity, you would receive a return of Rs. 4,26,476. After 10 years, in this manner, you will receive a total of Rs 16,26,476. By making recurring deposits, you can deposit lakhs of rupees.
A loan facility is also offered under this scheme:
Anyone over the age of 18 may open an account under this savings plan. For their minor children, parents can also open an account. Under this plan, you can also acquire a loan. You can obtain a loan from banks using this as collateral if you open an account under this plan and deposit 12 instalments. In this arrangement, you are permitted to borrow up to 50 per cent of your total deposit.
