Learn more about the Post Office Superhit Scheme, which allows you to deposit Rs 5000 each month and get Rs 8.50 lakh

 Learn more about the Post Office Superhit Scheme, which allows you to deposit Rs 5000 each month and get Rs 8.50 lakh

Post Office Superhit The scheme: The interest rates for the October–December 2023 season of Post Office Small Savings Schemes have been made public by the government.

Post Office RD: The Post Office's Small Savings Schemes rank well among government savings programs. Post office programs are risk-free long-term investments with assured profits. If you are a risk-taking investor, these are superior possibilities. The interest rates for the October–December 2023 quarter of Post Office Small Savings Schemes have been made public by the government. This entails a 20 basis point rise in the interest rates on Post Office Recurring Deposits (Post Office RD).

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

The Finance Ministry announced that there has been a 20 basis point rise in the interest rates on Post Office Recurring Deposits (Post Office RD). The 5-year post office RD will now get 6.7 percent annual interest beginning October 1, 2023 to December 31, 2023, as opposed to 6.5 percent. Interest is compounded in this on a quarterly basis.

Post Office RD: ₹5,000 per month for ten years, or ₹8.50 lakh

One may invest a minimum of Rs 100 each month in a Post Office Recurring Deposit (PORD). Investments may be made up to any maximum amount. You are able to invest any amount of money in multiples of Rs 10.

If you invest Rs 5,000 a month in Post Office RD, you would get Rs 3,56,830 at maturity in 5 years. You will invest a total of Rs 3 lakh in this, and interest of Rs 56,830 is assured. Upon the account's five-year maturity, it may be extended for a further five years. This means that your total guaranteed money, provided you keep your RD for ten years, would be Rs 8,54,272. An interest income of Rs 2,54,272 would be ensured in this.

The post office's recurring deposit plan carries no risk. Small savings plans offered by post offices are sovereignly guaranteed. This is so because the government uses the funds immediately. As a result, the investor's funds in these programs are totally secure.

Post Office RD: An early closing facility that closes in three years

For Rs 100, you may start an RD account at any post office branch. An individual may open an infinite number of accounts in this. In addition to a single account, up to three joint accounts may be created here. Minors may establish a guardian account. A post office RD account has a five-year maturity. However, after three years, premature closure is permitted.

In the post office, loans may also be obtained against RD accounts. As a general rule, a loan may be accepted for up to 50% of the total amount placed into the account after 12 payments. Loan repayment options include lump sum and installment payments. There will be a two percent difference in interest rates between the loan and the RD. It offers the ability to nominate people as well.