Make a fund of lakhs in 5 years with this post office scheme, understand the complete calculation – News18

New Delhi . Even today, most people in the country prefer safe investments rather than high returns. In such a situation, the plans of the post office first come to mind. For secure and better returns post office seems to be the best option. In the current times of Coronavirus pandemic, the importance of every small savings has become more relevant.

Especially for such investors who are able to save a maximum of two thousand or five thousand in a month. It is most important for them that they should invest money in such a place where there is a guaranteed return in a given time and the money is also 100% safe.

Post Office Recurring Deposit (RD)
Post Office Recurring Deposit (RD) is one such option, where you will get fixed interest on your deposit, as well as the money will be completely safe. Because, there is a sovereign guarantee of the Government of India on post office deposits, while deposits in banks are protected only up to a maximum of 5 lakhs. In this way, by investing small savings every month, you can create a corpus of lakhs.

Also read- Financial planning is necessary in this era of uncertainty, top 5 better and safe investment options

Post Office Recurring Deposit is one such scheme, which encourages small savings. Although its maturity is of 5 years, but you can extend it further for 5-5 years by applying. A minimum of Rs 100 has to be deposited every month in the RD of the post office. The deposit should be in multiples of Rs.10. There is no maximum investment limit in this.

5000 to 3.48 lakh will be made in 5 years
Suppose, an investor invests Rs 5000 every month in post office RD for 5 years, then he will get Rs 3.48 lakh on maturity. Actually, at present, 5.8 percent annual interest is being available on the RD of the post office. The interest is compounded on quarterly basis.

Also read- Rakesh Jhunjhunwala bought shares of this company after reducing stake in Titan, know the opinion of veterans on this

Features of Post Office RD Scheme
> There is facility of both single account and joint account in RD of post office.

> There can be a maximum of 3 adult names in a joint account.
> In the name of the child above the age of 10 years, the guardian can also open the account under his supervision.
> The maturity of RD is 5 years, but by applying before maturity, it can be extended for the next 5-5 years.
> You can deposit a minimum amount of Rs 100 per month in an RD account and a maximum amount in multiples of 10.
> Nomination facility is also available at the time of account opening.
> There will be facility of pre-mature closure after 3 years from the date of account opening. Interest rates change on a quarterly basis.
> Account can be transferred from one post office to another.
> Penalty has to be paid for not depositing it on time. It will be Re 1 for every Rs 100.
There is also a facility to take a one-time loan up to 50% of the deposited amount after one year. Which can be repaid in lump sum with interest.
There is also a facility to make online deposits through IPPB savings account.
Why is a post office safer than a bank?
Post office savings schemes are safer for small savings investors. This is because if the postal department fails to return the amount, then there is a sovereign guarantee on the deposited money of the post office. That is, if under any circumstances the postal department fails to return the money to the investors, then here the government goes ahead and takes a guarantee of the investors’ money. In any situation, your money does not get stuck. The government uses the money deposited in the post office scheme for its works. For this reason, the government also gives a guarantee on this money.

On the other hand, your entire deposit in the bank is not 100% safe. In case a bank defaults, the DICGC i.e. Deposit Insurance and Credit Guarantee Corporation guarantees the security of only Rs 5 lakh to the customers in the bank. This rule is applicable to all the branches of the bank. It includes both principal and interest. That is, if there is more than 5 lakhs by adding both, then only 5 lakhs is considered safe.

Read Hindi News online and watch Live TV News18 on Hindi website. Know news related to country and abroad and your state, Bollywood, sports world, business.

Leave a Reply

Your email address will not be published. Required fields are marked *