New Delhi: The key to reaping good savings is a long-term investment. Post plans not only give you a guaranteed return, they are also a good option for people who do not want to take big risks.
One such Post Office Program is the Post Office Deposit Account where the monthly investment of Rs 10,000 can get you up to Rs 16 lakh in 10 years.
Here is the calculation
We think you invest Rs 10,000 every month in the RD post machine. If you use that amount for 10 years, then you can accumulate Rs 16.28 lakh on growth. This calculation is based on the current interest rate of 5.8% on the RD post machine. As of 01.04.2020, interest rates on the Post Office Deposits are 5.8% for the year (aggregated quarterly).
Cost: Rs 10,000 per month
Interest: At a rate of 5.8%
Faith: 10 years
Development rate after 10 years: Rs 16,28,963
Frequent Deposit Post Account Acount at 5 years (60 monthly deposits) of development since opening day. Magazines can be expanded for 5 more years by donating materials at a specific Post Office. The interest rate applicable during the extension will be the interest rate at which the account is opened first. The extended account can be closed at any time during the extension period. For completed years, the RD interest rate will be valid and for a period of less than one year, the PO Savings Account interest will be valid. RD account can be retained up to 5 years from the date of development without deposit even.