Post office
If you want to make a big fund than small savings, then the recording deposit (RD) scheme of the post office can be a great option for you. Starting from just ₹ 100, this scheme is not only safe, but the interest on it is also better than many investment options. The special thing is that if you save only ₹ 333 daily, then you can raise a fund of about 17 lakh rupees in 10 years.
This RD scheme of the post office is currently getting an annual interest of 6.7%. This is a fully supported scheme, that is, your money is completely safe in this. Any person, whether an adult or a minor above 10 years, can open this account. The account can be kept on by filling KYC and new form again if the minor is adult. This account can now be opened online.
In this scheme, the account is opened for five years, but the customers can extend it even if they want. That is, investment can be continued after five years and for five years. If you want to close the account if needed, then pre-mature closure facility is also available after three years. In the event of the death of the investor, the nominee can not only claim money, but can also run the account further.
In this scheme, it is necessary to invest on the fixed date every month. If the account is opened before the 16th of the month, then the next installment will have to be deposited by the 15th of every month. If the account is open on or after the 16th, then the deposit can be done from 16 to the last working day of the month.
Another advantage in the post office RD is that after making regular investment for one year, you can also take a loan of up to 50% of your deposited money. Only 2% additional interest will have to be paid on this. This facility is very beneficial for those who want to raise funds without breaking the account if needed.
If you save ₹ 333 daily, then this amount becomes ₹ 10,000 in a month. The total investment in five years will be ₹ 6 lakh, which will get ₹ 1.13 lakh interest. But if you increase this investment for the next five years, then the total investment on ₹ 12 lakh will be ₹ 5.08 lakh. That is, in 10 years you will get a total of ₹ 17,08,546.
If your savings are low and you can invest only ₹ 5,000 per month, then in 10 years this amount can reach ₹ 8.54 lakh which will include ₹ 2.54 lakh as interest.
