When it comes to savings, people usually try to choose a bank or something that can get a definite return. People don't want to take more risks, especially with small amounts. If you also want to raise a large amount of funds by depositing a small amount for a certain period of time, then the post office recurring deposit scheme may be suitable for you. In this scheme you get 7.10% interest. Through which you can raise a large fund from a small amount. Let us tell you how.
In the Post Office Recurring Deposit Scheme, if you pay Rs. 1000 per month at an interest rate of 7.10 per cent, this is Rs. If you extend it for 5 years, you can raise a fund of Rs 72,122.97 for just Rs 1,000 a month (which will be around Rs 33 a day). 60 thousand rupees your capital + interest of 12,122.97 rupees.
This is the amount you can deposit
To avail the Post Office Recurring Deposit Scheme, you have to deposit money every month on a fixed date. In this scheme you can deposit your money every month from one to fifteen dates. If you have opened an account on the 1st, you can deposit up to the 15th of the month. The last chance to deposit in the account opened on the 16th will be till the last date of the month.
Two people can open a joint account
More than one account can also be opened in a post office recurring deposit. This account can be opened at any post office branch in the country. If the account holder wants, 2 people can operate this account together. The 1.5 lakh post offices of the Indian Post Department spread across the country also offer a wide range of banking and remittance services. Where different returns are obtained on different schemes.
Interest is up to 8.4 percent
Post office savings plans range in interest from 4% to 8.3%. You can easily find enough information on each scheme on the India Post website. Post's 9 such savings plans are very popular among the people. Savings and recurring savings schemes in particular as these schemes offer good returns on low investment.
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