Post Office RD Calculator: Even though there are many options to invest these days, it can be said that the popularity of post office schemes is huge. They have guaranteed returns due to the support of the central government. Good profits can be received in long term. Let’s know about a post office scheme that offers good returns with a certain amount of investment per month.
Post Office RD Interest Rate: It is known that the central government has brought many small savings schemes for almost all sections of people. Among these, different schemes are attractive to different sections. There are many schemes like Public Provident Fund (PPF) for employees, Sukanya Samriddhi for women, Mahila Samman Scheme, Senior Citizen Savings Scheme for senior citizens, Post Office Monthly Income Scheme for monthly income. Kisan Vikas Patra Single Investment Scheme is like this. In order to get good returns in the long run if you invest a certain amount per month, you can talk about Post Office Recurring Deposit among the available schemes.
A certain amount can be invested every month in Post Office RD. It has recurring deposit only with tenure of five years. In banks, however, there are different tenures starting from 6 months. That is why it is called five-year Post Office Recurring Deposit. Currently, the interest rate is 6.70 percent.. The center revises the interest rates once every 3 months. Last year the scheme increased the interest rates.
Interest rates remained at 6.70 percent for the April-June quarter. Investing small amounts every month will yield huge returns on maturity. Even if it is a five year deposit.. it can be extended for another five years. That means deposits can be made for a total of ten years.
At least Rs. 100 investment can join this scheme. Then you can invest any amount in x10 calculation. Although there is a tenure of five years, there is a flexibility to withdraw the account in certain special circumstances after three years of opening the deposit. But here the interest rate will be cut. This will result in lower profits. Individuals can join this scheme. Maximum three people can join under joint account.
What is the return on how much investment?
Every month Rs. 5,000 per investment, at 6.7 percent interest for five years, Rs. 56,830 as interest. Total per hand Rs. 3,56,830 will be received. And here, if the account is extended for another five years, the total maturity of ten years will be Rs. 2,54,272 per hand at Rs. 8,54,272 comes. For the same month Rs. 10 thousand per hand for ten years Rs. 17,08,546 comes. Here the interest is 5,08,546. In five years Rs. 1,13,659 at the rate of interest comes to 7,13,659.
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