Big news on the post office superhit scam! Make a monthly deposit of Rs 5,000 to get almost Rs 3.5 lakh from this initiative; see the full details here.

 Big news on the post office superhit scam! Make a monthly deposit of Rs 5,000 to get almost Rs 3.5 lakh from this initiative; see the full details here.

Post office superhit scheme: The interest rates on post office RD have been raised by the government. As of October 1, the new interest rates are in force. If you were to begin a monthly RD of ₹2000, ₹3000, or ₹5000 in this scenario, what would be your expected return given the current interest rates? Recognize the computations.

There is excellent news if you want to buy in Post Office RD as well. The government has raised the interest rate on post office 5-year recurring deposits over the holiday season. The revised prices will take effect on October 1. We would like to inform you that, effective October 1, the interest rate on your five-year RD that you were receiving up until now—6.5%—will now be 6.7%. It has been raised by 20 basis points by the government. If you were to begin a monthly RD of ₹2000, ₹3000, or ₹5000 in this scenario, what would be your expected return given the current interest rates? Recognize the computations.

After spending Rs. 2,000

You would invest Rs 24,000 in a year and Rs 1,20,000 in five years if you decide to start an RD with a monthly payment of Rs 2,000 for five years. In this case, the increased interest rate, or 6.7% percent, would be paid to you in the amount of Rs 22,732. In this case, your invested money and interest amount would be added together after five years to give you a total of Rs 1,42,732.

After spending Rs. 3,000

If you want to start a monthly RD for Rs 3,000, you would need to deposit Rs 36,000 a year, or Rs 1,80,000 in total, over the course of five years. The Post Office RD Calculator states that you would get Rs 34,097 in interest and Rs 2,14,097 in total at maturity based on the current interest rates.

After spending Rs. 5,000

In five years, if you start an RD for Rs 5,000 every month, you would have invested a total of Rs 3,00,000. The Post Office RD Calculator indicates that you would get interest at a rate of 6.7% on Rs 56,830. You will be paid Rs 3,56,830 in this manner at maturity.

Interest rate reviews occur every three months.

Every three months, the Central Government's Finance Ministry examines the interest earned on modest savings plans. The interest is then adjusted for the next quarter. The government has only altered the interest rates on five-year recurring deposits over the holiday season. The remaining schemes will continue to be subject to the previous interest rates. We would like to inform you that the government has raised the interest rates on the National Savings Certificate (NSC), Post Office Monthly Income Scheme (POMIS), Sukanya Samriddhi Yojana (SSY), Senior Citizen Savings Scheme (SCSS), and National Savings Certificate (NSC) in the previous few quarters. However, as of April1,2020, the PPF rates have remained unchanged.