- In just 5 years 'this' plan will make a millionaire!
- How much should be saved every month?
- Learn complete mathematics
Best 5 Year Savings Scheme : If you are looking to save some money from your salary or earnings every month and invest in a safe place, then this plan will be the best option for you. An alternative to Post Office Recurring Deposit RD Scheme can be a great option. It does not require a large lump sum investment; Instead, you can gradually build up a substantial fund by paying fixed monthly installments. The duration of this scheme is 5 years i.e. 60 months. At an interest rate of 6.7% per annum, if you deposit ₹6,000 per month, you can get approximately ₹4.28 lakh after maturity. How to understand all the math. (Best 5 Year Savings Scheme)
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The specialty of this investment is that you don't have to worry about the ups and downs of the stock market. Interest on Post Office RD is paid at a rate fixed by the Government. But, it is important to check the current interest rate and account rules before starting to invest.
How much will you earn if you deposit ₹6,000 per month?
Full calculation of how much you will earn after 5 years by depositing ₹6,000 per month in Post Office RD.
Estimated maturity amount after 5 years: ₹4,28,185
Monthly Deposit: ₹6,000
Investment Tenure: 60 months
Your total deposit: ₹3,60,000
Estimated interest: ₹68,185
This calculation is based on 6.7% annual interest rate and compounded quarterly. Actual maturity amount may vary as per applicable rules.
This means, if you deposit ₹6,000 per month for 5 years, you will accumulate a total of ₹3.60 lakh. Adding interest of approximately ₹68,185 to this, the total amount comes to approximately ₹4.28 lakh.
5 important points about Post Office Rd
* Starting with low amount: Post Office RD account can be opened with minimum ₹100 per month.
* 5 Years Tenure: The normal investment tenure for this scheme is 60 months.
* Quarterly Compounding: Interest is calculated quarterly.
* Loan facility: Loan up to 50% of the deposit amount is available if the account is open for at least 12 months and fulfills certain conditions.
* Premature closure option: Generally, the account can be prematurely closed on completion of 3 years. In such cases, the rate of interest may be reduced as per applicable rules.
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