Earn 16 Lakh Rupees Through This Govt Scheme – Post Office Saving Schemes – Investment Scheme 2023

Post Office Saving Scheme

Post Office Saving Schemes are a range of financial products offered by the Indian Postal Service, providing individuals and organizations with safe and secure investment options to save and invest their money. These schemes are designed to provide attractive returns and are backed by the government, making them reliable and trustworthy.

There are several types of Post Office Saving Schemes, including savings accounts, recurring deposit accounts, fixed deposit accounts, Public Provident Fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra (KVP), and Sukanya Samriddhi Yojana (SSY). Each scheme has its own unique features and benefits, making them suitable for a variety of financial goals and requirements.

Post Office Saving Schemes offer various benefits such as tax benefits, high-interest rates, easy accessibility, and guaranteed returns. These schemes are especially beneficial for those who are risk-averse and prefer to invest in low-risk instruments.

The interest rates for Post Office Saving Schemes are reviewed regularly and are usually higher than those offered by banks. Additionally, investors can easily transfer their accounts to other Post Offices across India.

Overall, Post Office Saving Schemes are a reliable and convenient way for individuals and organizations to save and invest their money. With a range of options to choose from, investors can find a scheme that meets their financial goals and risk tolerance.

Post Office Recurring Deposit (RD) Account

A Post Office Recurring Deposit (RD) account is a popular savings scheme offered by the Indian Postal Service that allows individuals to save a fixed amount of money every month for a predetermined period, typically ranging from 5 years to 10 years. At the end of the term, the depositor receives a lump sum amount that includes the principal amount and interest earned.

Post Office RD accounts are a safe and secure way for individuals to save money while earning attractive returns. These accounts also provide flexibility in terms of deposit amounts and tenures, with a minimum monthly deposit amount of Rs. 100 and no maximum limit.

The interest rates for Post Office RD accounts are reviewed quarterly and are usually higher than those offered by banks. Additionally, RD accounts opened in Post Offices can be transferred to other Post Offices across India.

Post Office RD accounts are ideal for individuals who want to save money regularly and earn attractive returns. They are also a popular option for those who have a specific financial goal in mind, such as saving for a down payment on a house or a child’s education.

Opening a Post Office RD account is simple and requires only a few basic documents, such as an identity proof, address proof, and a passport-sized photograph. Overall, Post Office RD accounts are a convenient and reliable way for individuals to save and invest their money.

Recurring deposits may be initiated from the closest submit office. Account may be taken with none age limit. Parents can open money owed on behalf of kids under 10 years of age. Joint account may also be allowed. One can open any quantity of money owed.

Investment

Recurring deposits beginning from Rs.100 per month may be paid into the account. Any quantity may be deposited in multiples of Rs.10. If fee isn’t always made via way of means of the due date, a penalty of Rs 1 per 100 can be levied. Account holder who has paid month-to-month dues in RD account will acquire the following month`s fee simplest after paying the dues.

Interest rate

The interest rate can be 5.8 % from April 1, 2020. Being a financial savings scheme, the interest rate can be reviewed each region of the financial year. Interest is calculated via way of means of compounding quarterly. The interest rate for the primary region of the following financial year can be introduced on March 31. The tenure of Post Office RD is 5 years. The time period may be prolonged as much as 5 years. The month can be calculated from the date of account opening.

Loan/Early Withdrawal

Loan facility can be to be had to the ones who’ve finished one year of Post Office Recurring Deposit. Up to 50 percentage of the paid quantity may be availed as mortgage. Calculate the mortgage interest via way of means of including 2 percentage to the investment interest. Withdrawal can be allowed after 3 years of account opening. If the account is withdrawn earlier than maturity, the financial savings account will earn interest only.

Calculator

A character who invests Rs 100 per month in Post Office RD gets Rs 6,970 after 5 years. This is an quantity with an interest rate of 5.8 percentage. 333 per day is the day by day deposit required to make investments Rs 10,000 per month in Post Office Recurring Deposit.

If the funding is made for 10 years, you’ll get round Rs. 16 lakhs. An funding of 12 lakhs will earn Rs 4.26 lakhs as interest. 16.25 lakhs can be refunded on this way.