Post Office RD: Earn Rs 10.70 lakh in 5 years by depositing Rs 15,000 per month, know the complete plan!

When it comes to growing money in a safe and reliable way, most people choose bank FD or post office schemes. Everyone knows bank FD, but post office schemes are very beneficial especially for small investors. In these, the money remains completely safe and returns are also fixed. If you want to invest a little money every month, then the Post Office Recurring Deposit (RD) scheme can be the perfect option for you.

What is Post Office RD Scheme?

In Post Office RD Scheme, you deposit the amount every month as per your wish. Its biggest plus point is that the money remains safe and the interest rate is fixed. Currently the interest rate on post office RD is 6.7 percent.

The maturity of this scheme is 5 years. Meaning, after 5 years you get a lump sum amount including deposit amount and interest. Just Rs 100 per month is enough to start investing. There is no upper limit for investment in this, so you can invest as much as you want.

How to create a fund of Rs 10.70 lakh by investing every month?

If you want the fund to reach Rs 10.70 lakh in 5 years, then you will have to invest Rs 15,000 in RD every month. If it is run continuously for 5 years, the total deposit amount will be around Rs 9 lakh. During this period, approximately Rs 1.70 lakh will be received as interest.

In this way, small investments create a big fund in the long run. This method of RD scheme is best for those who save every month and want to increase it gradually.

Benefits of RD scheme

There are many benefits of this scheme. Money remains completely safe, fixed interest is available on deposits every month and one can start even with a small investment. By investing in this you can earn excellent returns in the long run.

Post Office RD Scheme is best for those who want to build a big corpus in the long run by converting small savings into regular investments.