Post Office Scheme Offers : Are you in search of a risk-free investment scheme that promises substantial returns? Look no further than the Post Office Recurring Deposit Scheme, where you can secure an impressive return of Rs. 8 lakh. This enticing opportunity offers a lucrative option without any associated risk.
For those who have been utilizing Post Office Saving Schemes, it’s time to take note. The Central Government has recently elevated the interest rates of Small Savings Schemes, presenting a prime chance for lucrative gains. The Recurring Deposit scheme, available through post offices, has witnessed an increase of 30 basis points in its interest rate.
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With this adjustment, the interest rate has ascended from the previous 6.2 percent to a more advantageous 6.5 percent. This elevated rate is applicable for the duration of July to September 2023. This scheme proves particularly beneficial for individuals aiming to accumulate a set amount every month over a span of ten years, offering a secure path to substantial returns.
Accessible at every post office, the Post Office Recurring Deposit Scheme extends eligibility to individuals above 18 years of age. Additionally, joint accounts can be established with up to three account holders, and legal guardians can initiate accounts in the name of minors. The scheme allows contributions ranging from a minimum of Rs. 100 to a maximum of Rs. [maximum amount not specified in the original text]. The scheme commences with a five-year period, which can subsequently be extended for another five years.
At its current juncture, the Post Office Recurring Deposit Scheme boasts an attractive 6.5 percent interest rate, specifically applicable for the July-September timeframe. It’s important to note that the central government periodically reviews interest rates every three months, resulting in potential adjustments to rates.
Consider this scenario: By saving Rs. 5,000 per month in a post office recurring deposit account over a decade, you can amass returns of an impressive Rs. 8.46 lakh, based on the current 6.5 percent interest rate. Should your total deposit over the ten years amount to Rs. 6 lakh, the accrued interest will stand at Rs. 2.46 lakh.
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Keep in mind that as the government modifies interest rates, your returns will adjust accordingly—higher interest rates lead to augmented returns, while decreased rates yield lower returns. Furthermore, the Post Office Recurring Deposit Account allows for closure after three years of initiation, and a loan worth 50 percent of the account value can be availed after the first year.
Beyond the Recurring Deposit Scheme, the post office hosts a myriad of other Central Government savings schemes. Among these offerings are the
- Sukanya Samriddhi Yojana(SSY).
- Kisan Vikas Patra(KVP)
- National Savings Certificate(NSC)
- National Savings Monthly Income Account(NSMIA)
- Senior Citizens Savings Scheme Account.(SCSSA)