Post Office Scheme: This secret calculation of this post office scheme will make you rich, learn how…
Post Office Scheme:Are you looking to turn your small savings into a substantial corpus? If so, the Post Office Recurring Deposit (RD) scheme could be a great option for you.
It’s not only safe but also offers guaranteed returns. People often don’t realize that with the right plan and regular investment, you can build a corpus of up to ₹10 lakh in 5 years. So, let’s explain how the Post Office RD scheme can be a game-changer for you and how you can reach this figure.
Post Office Scheme:What is the Post Office RD Scheme?
The Post Office RD scheme is a small savings scheme in which you deposit a fixed amount every month. It’s a kind of fixed deposit, but instead of a lump sum, you pay monthly installments. This scheme is for a period of 5 years and currently offers a government-fixed interest rate (which can change every three months). Currently, it offers an interest rate of approximately 6.7% per annum (this rate is subject to change; please confirm the latest rate with the post office).
Post Office Scheme:Calculation to reach ₹30 lakh (for example):
Let’s understand how much you can deposit every month to create a corpus of ₹10 lakh in 5 years.
Suppose the interest rate is 6.7% per annum and you want to have ₹10 lakh after 5 years (60 months).
To achieve this, you will need to deposit a large amount every month.
If you deposit approximately ₹15,000 every month:
Monthly Deposit: ₹15,000
Term: 5 years (60 months)
Total Deposit Amount (Principal Amount): ₹15,000 x 60 months = ₹9,00,000
Estimated Interest (at approximately 6.7%): ₹1,70,492
Total Amount after 5 years: ₹9,00,000 (Deposit Amount) + ₹1,70,492 (Interest) = ₹10,70,492 (10 lakh 70 thousand rupees)
Post Office Scheme:Details Amount / Tenure
Monthly Investment ₹15,000
Investment Tenure 5 years (60 months)
Total Deposit Amount (Principal Amount) ₹15,000 × 60 = ₹9,00,000
Interest Rate: 6.7% per annum
Total Interest Earned: ₹1,70,492
Total Fund After 5 Years: ₹9,00,000 + ₹1,70,492 = ₹10,70,492
This calculation shows that if you deposit ₹15,000 every month, you can earn approximately ₹1,70,492 after 5 years.
You’ll be in for a treat even after retirement. The Post Office Senior Citizen Scheme is a great option for earning money. Learn about its 5 major benefits!
Advantages of Post Office RD
Government Guarantee: This is a scheme backed by the Government of India, so your money is completely safe.
Fixed returns: You know in advance how much you will receive after 5 years (assuming the interest rate remains constant).
Small savings into a large fund: This is a great way to convert small monthly savings into a large investment.
Tax benefits: Under certain conditions, tax benefits are also available.
Easy start: You can start an RD with as little as ₹100 per month, with no maximum limit.
Post Office Scheme:Who is this scheme for?
This scheme is ideal for those who want to build a large fund over a fixed tenure and are risk-averse. It is a good option for salaried individuals, small businesses, and housewives who want to grow their savings safely.
Conclusion
The Post Office RD scheme is a reliable and profitable investment option. If you discipline yourself and deposit a fixed amount every month, it is quite possible to build a fund of up to ₹10 lakh in 5 years. By incorporating this into your financial plan, you can ensure a financially secure and strong future. Visit your nearest post office today to learn more about this excellent scheme.
