Post Office RD Account: Learn more about this system whereby you can deposit 10,000 rupees and receive 16 lakh rupees

 Post Office RD Account: Learn more about this system whereby you can deposit 10,000 rupees and receive 16 lakh rupees

Post Office Deposit Account: We frequently lack the knowledge necessary to invest our money wisely, which prevents us from realising a profit. Yet, if you are properly informed about the plans, you can not only make big money but also avoid a lot of problems as you age.

But, there is a method where you can make a lot of money. By investing Rs 10,000 in this post office programme, you can receive up to Rs 16 lakh. Actually, it's an account for recurring deposits with the Post Office. It has a government guarantee and offers a competitive interest rate.

5.78% with interest

Comparable to a post office fixed deposit account, but easier to open an investment account for. In contrast to Fixed Deposits, where the entire amount must be deposited at once, Post Office Recurrent Deposits allow you to earn income by making the appropriate monthly investment. A 5.8% interest rate will be paid if you have money placed in this account.

Every three months, this interest is compounded into a compound sum. Let us point out that since this post office programme is not market-linked, there is no danger associated with the returns. You can invest without fear because your money won't ever go down in this.

Every month, at least 100 rupees must be donated.

In the recurring deposit account, the post office pays you interest based on compounding. This implies that the longer the period, the greater the profit. If you want to make money in this situation, try to invest for a long time. Also, if you deposit at least 100 rupees each month, you can open an account at the post office. On the other side, double it by 10 if you want to deposit more money than this. The greatest amount that can be deposited has no upper limit.

How did ten thousand rupees grow to sixteen million?

This plan requires ten years of investment. If you look at the computation, your total investment will be Rs. 12 lakhs at the rate of Rs. 10,000 every month for 10 years on a recurring deposit. This means that 10,000 will have to be deposited each month, that too for 10 years. You would receive Rs 16,26,476 on this in 10 years at an interest rate of 5.8%.

If you are unable to deposit 10,000 rupees each month, you can still earn more than 5 lakhs in ten years by making a deposit of 3,000 rupees each month.