Investing 10 Thousand Rupees Monthly Can Help You Get 16 Lakhs; Know In Detail

If you want to take less risk with better returns, then post office can be a better option for you. Yes, there is no risk of any kind in the post office, so it can be called a better option for investment.

Small savings schemes of the post office are not only better but invest in it with low cost and earn big money. Today we are going to tell you about one of such schemes. A post office scheme is called Post Office Recurring Deposit, in this you get better returns.

Know what is Post Office RD Scheme

You can invest without risk in Post Office RD Scheme. Overall, through this scheme you can start investing with very little money. Apart from this, your money will also be completely safe. You can invest in it from Rs 100 per month. Also, there is no maximum limit, you can invest any amount. Post office RD deposit account is a government guarantee scheme of depositing small installments with better interest rate.

Will get much interest

The RD account opened in the post office is for 5 years and it cannot be opened for less than this. Every quarter (at the annual rate), interest is calculated on the deposits. It is then added to your account with compound interest at the end of every quarter. According to the India Post Office website, 5.8% interest is currently being paid on RD scheme. This new rate is applicable from 1 July 2020. The central government has announced interest rates every quarter in all its small saving schemes.

If you invest 10 thousand rupees, you will get more than 16 lakhs

If you invest 10 thousand rupees every month in RD scheme of post office, that too for 10 years, then it will get 16.28 lakh rupees on maturity. The point to note is that if you do not deposit the RD installment on time, you will have to pay a fine. If the installment is delayed, you will have to pay a penalty of one percent every month. With this, if you do not deposit 4 consecutive installments, then your account will be closed. However, once the account is closed, it can be activated again for the next 2 months.

Accounts related to the RD scheme of the Post Office

The Post Office RD has the facility of both single account and joint account. A joint account can have a maximum of 3 adults. Names of children above 10 years of age can also be opened by the account guardian under his care. RD’s maturity is 5 years, but by applying before maturity, you can extend it for the next 5-5 years.

One can deposit at least 100 rupees per month in RD account and maximum amount in multiples of 10. Nomination facility is also available at the time of account opening. After 3 years from the date of opening the account, the facility of premature closure will be available. Interest rates change on a quarterly basis. The account can be transferred from one post office to another. Penalty has to be paid for not depositing on time. It will be 1 rupee per 100 rupees. There is also a facility to take a loan up to 50% of the deposit after one year, which can be repaid outright with interest. There is also a facility to submit online through IPPB saving account.

(With inputs from

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1 Comment
  1. Kalyan Ghosh says

    Post Office saving scheme gives better returns than bank. But it’s security is being compromised at the Varanasi region of UP. Saiyadraja Post Master has withdrawn money from TD account No. 1083969,₹.50,000 by forgery in Nov ’07. After 13 years, through 31 registered public greivances payment is settled. But given cheque for ₹.80,850 is dishonored. Concerned officials are silent.

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