If you want to earn a good amount of money without any risk, then Small Savings Schemes of Post Office can be a great option for you. These schemes provide good returns without any risk. Interest is calculated on an annual basis, but the rate applicable is fixed on a quarterly basis.
**Post Office Recurring Deposit (RD) Scheme**
The savings scheme we are talking about today is the Post Office Recurring Deposit (RD) Scheme; By investing in this you can earn up to ₹ 4.40 lakh only from interest.
**Open account with just ₹100**
The government offers an interest rate of 6.7% on the Post Office Recurring Deposit Scheme. You can start investing in this scheme with as little as ₹100. Talking about eligibility, anyone aged 18 years or above can visit their nearest post office branch to open an account.
**Good returns on small investment**
The main feature of this scheme is that you invest small amounts every month; Due to this, there is no pressure to invest a large amount at one go and gradually a large amount of money is accumulated. The duration of the Post Office RD Scheme is five years, but it can be extended for another five years. This provides more benefits and makes it possible to accumulate larger amounts through regular savings.
**Loan facility available**
Loan facility is also available in this scheme. You can take a loan after a few years of opening the account. The loan amount depends on the investment you have deposited. You can avail this facility after one year and take a loan up to 50% of the amount deposited during that period at an interest rate of 2%.
How to deposit ₹15 lakh starting from ₹300?
By saving ₹300 every day, you can deposit ₹9,000 every month and invest it in the Post Office Recurring Deposit (RD) Scheme. At maturity after five years, your total deposit will be ₹5.40 lakh, but the total fund will be more than ₹6 lakh. If you extend the investment for the next five years, your total deposit will be ₹10.80 lakh, while the fund will grow to ₹15.20 lakh.
good income from interest
By investing ₹300 daily – which is equivalent to investing ₹9,000 a month – the total investment in 10 years becomes ₹10,80,000. The total amount received on maturity will be ₹ 15,20,889, which includes ₹ 4,40,889 as interest.
