Post Office: Get Rs.16 Lakh By Depositing Rs.10k Monthly

Post Office Schemes

In this era of inflation, everyone is indulging in finding new ways to maximise their savings. To save more you should invest more. But the main question that strikes to mind is, where to invest to get high returns at minimum risk?

The most appropriate answer to this question is to invest in government-backed schemes. These schemes are the safest fix income plans for investors. Here comes the role of Post Offices, they provide us with many crucial services. One of the most beneficial services you can get from the post office is investment schemes. These are the most trusted, safe and low investment solutions to inflation. Investors who always try to find the opportunity for risk-free investments can opt for these schemes.

Post Office Schemes

About Post Office Recurring Deposit Scheme

One of the best investment schemes that the post office offers to us, is Recurring Deposit Plan. This is the best way to earn profits with a low investment amount. These schemes are extremely profitable and a person can also earn an adequate amount of profit by investing just Rs.100.

Guarantees Interest Rate

The post office is offering an interest rate of 5.80 per cent for the term plan of 5 years. Investors will have to open a 5 year RD account to invest in this scheme with the post office. The interest rate is calculated on the annual basis and deposited to the investor account on a quarterly basis. The total amount is added to the investor’s account with compound interest.

Also read:

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The Best Plan For Long Term Investment

If you calculate thoroughly, then the monthly investment of Rs.10000 can give you the maturity amount of Rs.16 Lakh after 10 years. For more details you can visit the official website.

The Best Plan For Long Term Investment

But there are some extremely important points to note:

  • If you fail to pay even one instalment on time, the fine will be charged.
  • Not being able to pay the instalment on time can cost you a penalty of 1% each month.
  • The government will close the account of those investors who fail to pay the instalment for four consecutive months
  • If the investor wants to reactivate his account then he can apply after two months of account closing.

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Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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