Everyone wants to accumulate a large amount of money by investing, but not making the right investment often increases the risk of losing money. However, if you want to make a good amount of money without any risk, then post office small savings schemes can be a better option for you. Today we are telling you about one such scheme, which is called Recurring Deposit Scheme (Post Office RD Scheme). This scheme can give you a big amount in a short time. By investing in this scheme you can earn lakhs of rupees only from interest.
The most special thing about this government savings scheme is that it is completely risk-free. In Post Office RD Scheme, you can deposit Rs 8 lakh by investing just Rs 5000 every month. Your earning from interest alone will be more than Rs 2.54 lakh.
More interest than bank FD
This scheme offers higher interest rates than many FD schemes. You get an interest rate of 6.7 percent per annum. This interest is calculated on quarterly basis.
calculation of earnings
The calculation of interest in Post Office RD Scheme is very easy to understand. In a recurring deposit account, you have to invest Rs 5,000 regularly every month till the maturity period. The maturity period of this scheme is 5 years. According to this, your total investment during this period will be Rs 3 lakh, and the interest at the rate of 6.7 percent will be Rs 56,830. This means that overall, your fund in five years will be Rs 3,56,830.
Now, what you have to do is to extend your RD for another 5 years. With this your invested amount will grow rapidly. You can increase the maturity of this RD scheme from 5 years to 10 years. In this case, the total amount invested in 10 years will be ₹6,00,000, and the interest earned will be ₹2,54,272. Hence, your total accumulated fund after 10 years will be ₹8,54,272.