People like to invest their money in banks and stock market. There are some people in the country who also invest in post offices. Here we have brought for you a similar scheme of the post office, which will give a guarantee of Rs 80,000 in returns. You can save some money from your salary every month and invest in the post office. This scheme is a recurring deposit of the post office, which gives an annual interest of 6.7 percent.
Minors can also open an account with Post Office RD, but they must provide the names of the parents living with them. You can invest 100 rupees every month. You do not assume any risk with this investment.
If you deposit Rs 7000 every month in the post office, then a total of Rs 4,20,000 will be deposited. On completion of maturity of five years, you will get interest of Rs 79,564. In total you will get Rs 4,99,564. If you make an FD of less than this i.e. five thousand, then your annual deposit will be Rs 60,000. After five years this amount will be Rs 3 lakh. In such a situation, you will get an interest of Rs 56,830 at the rate of 6.7% after 5 years and on maturity you will get a total of Rs 3,56,830.
For information, let us tell you that the government makes changes every 3 months under the Post Office Saving Scheme. TDS is deducted on the interest received on this RD, which is refunded as per the income after claiming ITR.
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