Get a corpus of 17 lakh rupees for 333 rupees, and get huge benefits from this Post Office scheme.

Post Office Scheme: The Post Office's RD scheme has become an easy way to build substantial savings even with a low income. With a regular deposit of just 333 rupees daily, one can build a secure corpus of over 17 lakh rupees without any risk. This scheme is beneficial for investors of all ages.

Post Office Scheme: People have always trusted the Post Office's small savings schemes. These features, including safe investments, fixed interest rates, and government guarantees, have led millions of people to deposit a portion of their income here. Meanwhile, the Recurring Deposit (RD) scheme is back in the news because even a small amount can generate substantial savings.

Invest 333 rupees daily to get a corpus of 17 lakh rupees.

The speciality of RD is that it does not require a large amount of money. If someone saves around ₹333 daily and deposits ₹10,000 every month into an RD, this amount can grow to over ₹17 lakh in 10 years with consistent investment. This means that small daily savings can become a significant financial asset.

6.7% interest and accounts can also be opened in the name of children

The Post Office currently offers an annual interest rate of 6.7% on RD.

The scheme is so simple that an account can be opened in the name of a child above 10 years of age.

Updating KYC upon turning 18 can enable the child to continue operating it in their own name.

Conveniently, RD accounts can also be opened through mobile banking and e-banking.

5-year term, extendable to 10 years if desired

The initial term of an RD is 5 years. Investors can extend the term by another 5 years, for a total of 10 years. This makes it a stable and secure option for long-term savers.

It also offers some additional features, such as:

The option to close the account after three years

The right of the nominee to claim on the death of the account holder

The facility of a loan against the deposit after one year

What will be the total amount after investing for 10 years?

If ₹10,000 is deposited every month, the total deposit amount in the first 5 years will be ₹6 lakh. The interest for these 5 years will be approximately ₹1.13 lakh. After this, if the investor continues for the next 5 years, the total deposit amount will be ₹12 lakh. The total interest for the entire 10 years will be approximately ₹5.08 lakh. After that, the total maturity amount becomes ₹17,08,546.

A beneficial scheme for investors with small funds, too

Even if a person deposits only ₹5,000 every month, he can accumulate a corpus of approximately ₹8.54 lakh in 10 years. This means this scheme is also ideal for those who want to save regularly with a small amount. Upon completion of one year of the RD account, a loan of up to 50% of the deposit amount is available. Only 2% additional interest is charged on the loan, which significantly reduces financial pressure in case of an unexpected need.

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