Post Office Superhit plan: Deposit 5000 rupees each month to get 8.50 lakh rupees in ten years; read the whole plan here

 Post Office Superhit plan: Deposit 5000 rupees each month to get 8.50 lakh rupees in ten years; read the whole plan here

The interest rates for the Post Office Small Savings Schemes for the quarter of October to December 2023 have been made public by the government.

Post Office RD: The Post Office's Small Savings Schemes are among the best government savings programs. Long-term investments in post office plans are possible with no risk and certain earnings. For those who can accept risk, these are superior possibilities. The interest rates for Post Office Small Savings Schemes for the quarter of October to December 2023 have been made public by the government. This has resulted in a 20 basis point rise in the interest rates for Post Office Recurring Deposits (Post Office RD).

Post Office RD: Starting on October 1, new, higher fees

The Post Office Recurring Deposit (Post Office RD) interest rates were raised by 20 basis points, according to a notice from the Finance Ministry. The 5-year post office RD will now earn 6.7 percent annual interest from October 1, 2023, to December 31, 2023, as opposed to 6.5 percent before. Interest is compounded in this on a quarterly basis.

Post Office RD: $5k per month invested equals $8.50k after ten years

Post Office Recurring Deposits (PORD) accept monthly investments starting at Rs 100. There is no upper investment limit. You may make as many investments in multiples of Rs 10 as you want.

If you invest Rs 5,000 per month in Post Office RD, you would get Rs 3,56,830 at maturity after 5 years. You will invest a total of Rs 3 lakh in this, and you will get a guaranteed return of Rs 56,830. After the first five years, a PORD account may be renewed for an additional five years. In this manner, your total guaranteed money, provided you retain your RD for 10 years, would be Rs 8,54,272. There would be an interest income guarantee of Rs 2,54,272 in this.

The post office's recurring deposit program carries no risk. Small savings plans offered by post offices are sovereignly guaranteed. This is because the government uses this money in this manner. As a result, in these schemes, the investor's money is entirely secure.

Post Office RD: Facility for premature closure after three years

Any post office branch will create an RD account for Rs 100. One may create an unlimited number of accounts in this. In addition to a single account, this allows for the opening of up to 3 joint accounts. For minors, a guardian account may be setup. The post office RD account has a 5-year maturity. However, premature closure is possible after three years.

In the post office, loans may also be taken out on RD accounts. The regulation states that when 12 payments have been made, a loan up to 50% of the total money put in the account may be obtained. You may pay back the loan completely at once or in installments. The loan's interest rate will be 2% more than the interest on RD. Additionally, it contains a nomination feature.