The Post Office has become a popular choice for the salaried middle class in India who seek to invest their money in safe options that offer good returns. It offers a variety of schemes, including the Post Office Recurring Deposit Account, which is an excellent alternative to bank FDs and RDs due to the high returns it offers.
Opening a Post Office RD account is easy and available to any adult or child over 10 years old. The minimum monthly deposit amount is Rs 100, and depositors can increase their contribution by multiples of Rs 10 each month. The Post Office RD offers a 5.8 per cent interest rate.The government determines the interest rates of its small savings schemes every quarter.
Five years or 60 months from the account's opening date, whichever comes first, are required for it to mature. Depositors can also withdraw up to 50 per cent of their deposit balance a year after the account has been opened. Additionally, after one year of opening the account, depositors can take a loan of up to 50 per cent of the deposit amount.
One of the significant advantages of investing in a Post Office RD is the safety and security of both the principal amount and the interest generated over time. The risk involved is relatively negligible, making it an attractive option for those looking to invest small amounts of money regularly.
By investing Rs 10,000 every month or around Rs 333 per day at the current interest rate of 5.8 per cent, investors can get around Rs 16 lakh in returns after ten years. The total deposit for ten years will be Rs 12 lakh, and the estimated return will be around Rs 4.26 lakh, resulting in a total return of Rs 16.26 lakh. The compound interest is calculated every quarter, generating frequent earnings for investors.
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