Post Office Scheme: With this incredible post office scheme, you may deposit this much money each month and become a billionaire
Post Office Scheme: Small savings plans offered by the Post Office are recommended for secure investments that provide excellent returns. One such well-known program is Post Office RD, a millionaire-making scam. You may deposit more than Rs 8 lakh in ten years by contributing a certain amount each month to this. Let’s examine the whole computation.
Post Office Recurring Deposit Scheme
The post office offers savings plans tailored to all age groups, including small children. The greatest alternative for investing has been found to be the Post Office Recurring Deposit Scheme, which is included in these. This plan has a set five-year maturity term that may be extended to ten years. The interest rate on investments made in it rose last year, in 2023, from 6.5% to 6.7%.
Establishing an account is Rs. 100
Visit the Post Office location closest to you to create an account for the Post Office Recurring Deposit Scheme. There is no maximum investment amount set, and investments may begin as low as Rs 100. Five years is the scheme’s maturity phase. under Post Office RD, an account may also be established under a minor’s name. Nonetheless, the parents’ signature must be on the paperwork as well.
Loan arrangement with early termination
Premature closure is another feature offered by the Post Office’s RD Scheme if you have created an account and are considering canceling it because of an issue. Yes, you have the option to cancel the account before the maturity period ends if you so desire. In addition, there is also a loan facility. But only half of the deposit amount is available for borrowing after the account has been open for a year. In terms of interest rate, it is two percent more than what you are now receiving.
Almost Rs 8 lakh in a decade
If you invest Rs 5,000 a month in this plan, you would deposit a total of Rs 3 lakh over the course of its five-year maturity term, and an additional Rs 56,830 will be added to the interest at the rate of 6.7%, according to calculations made for the investment and interest in Post Office RD. Your total money will then be Rs 3,56,830. In ten years, the money you put in would be Rs 6,00,000 if you decided to prolong this account for an additional five years. In addition, Rs 2,54,272 would be the interest on this deposit at a rate of 6.7 percent. This means that the total amount you have deposited over a ten-year period will be Rs 8,54,272.
Remember that when the investor files an ITR, TDS is withheld from the interest received on investments made in Post Office RD Schemes. The interest generated on RD is subject to a 10% TDS. TDS will be taken off if the interest received on the RD is more than Rs 10,000.
