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Post office scheme: Now, you can become a millionaire by investing Rs 10,000 - Here's how

DNA logo DNA 14-11-2021 (DNA Web Desk)
© Provided by DNA

If you want to earn good amount of money by sitting at home then this article solely for you. You would be surprised to know that there are many post office schemes which can help you earn good returns with less risk.

Here's one such post office scheme in which the risk is low and the profits are high. One such investment option is a Post Office Recurring Deposit.

How to start investing in Post Office RD

The Post Office RD Deposit Account allows you to deposit small amount of money and earn a higher interest rate. You can start investing with Rs 100. There is no maximum investment limit.

The RD Deposit Account will be open for five years. It is to be noted that banks provide recurring deposit accounts for six months, a year, two years, and three years. Every quarter, interest is calculated (at an annual rate) on the money deposited in it, and it is credited to your account (including compound interest) after the end of quarter.

How much interest will you get?

Currently, Recurring Deposit Schemes fetches a 5.8% interest rate. Every quarter, the Central government sets the interest rates for all of its small savings programmes. 

If you put 10 thousand every month, you will get Rs 16 lakhs

If you invest Rs 10,000 per month in the post office RD scheme for ten years, you will have over Rs 16 lakh at a rate of 5.8%. 

Rs.10,000 invested every month

Interest 5.8%

Maturity 10 years

Maturity amount after 10 years  = Rs 16,28,963 

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