Post Office RD Scheme: Everyone wants to invest their money in order to grow it. Because their monthly expenses are set, many in the working class in the nation find it challenging to invest huge sums of money all at once. Not much money is saved after that. Such individuals have been considered when creating the Recurring Deposit Scheme.
Introduction to Recurring Deposit Schemes
You can invest in Recurring Deposit Schemes and save a portion of your monthly income. Here, we are informing you of how much money you would receive at maturity if you save and deposit Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000 each month. In other words, what kind of substantial fund may be established with a minimal investment?
Annual Interest Rate and RD Duration
Interest is paid to Post Office RD at a yearly rate of 6.7%. RD is available at the post office for five years. With just Rs 100, you can begin investing in it. There’s no upper bound to it. Let us explain the benefit that the new interest rate will have on RDs of Rs 2000, 3000, 4000, and 5000 that you can acquire from the post office.
Initiating RD with Rs 1000 Monthly
If you begin an RD for Rs 1000 per month, you will have invested a total of Rs 12000 over the course of a year. In five years, the entire investment will be Rs 60,000. If you use formula 6.7 to compute the interest on this, you will receive Rs 11,366 in interest after five years. You will receive Rs 71,366 in this manner upon maturity.
Commencing RD with Rs 2000 Monthly
If you begin an RD for Rs 2000 every month, you will have invested Rs 24000 in total over the course of a year. In five years, the entire investment will come to Rs 1,20,000. If you use formula 6.7 to compute the interest on this, you will receive Rs 22,732 in interest after five years. You will receive Rs 1,42,373 in this manner upon maturity.
Monthly Contribution of Rs 3000
Simultaneously, if you put Rs 3000 into the Post Office RD each month, you will have invested Rs 36,000 in a year and Rs 1,80,000 in five. At maturity, a total of Rs 2,14,097 will be received, with interest of Rs 34,097 to be earned in 5 years.
Monthly Contribution of Rs 4000
You can invest Rs 48,000 a year by making a monthly contribution of Rs 4000 into Post Office RD. In this way, Rs 2,40,000 will be invested in total over the course of five years. There would be interest available on this of Rs 45,463. When the investment matures, you will receive Rs 2,85,463 in addition to the interest.
Initiating Post Office RD with Rs 5000 Monthly
Should you begin your monthly Post Office RD with Rs 5000, you will need to invest a total of Rs 60000 every year. In five years, you will invest a total of Rs 3,00,000. You would receive Rs 56,829 as interest after five years. In this manner, you would receive back Rs 3,56,829 after five years when the total deposit and interest are added.
Disclaimer: This information is intended for general knowledge only. Any financial decisions should be made in consultation with a qualified professional. DNP News Network Private Limited is not liable for any financial losses incurred based on the information provided here.
