Post Office RD also offers higher interest rates. The advantages of this scheme are that the minimum investment is as little as Rs 100, and there is no maximum investment limit.
New Delhi: Investing in Post Office schemes is regarded as the most dependable and secure option to retain one’s money. Investing in Post Office programmes is popular among middle-class Indians who do not want to risk their money by investing in the stock market or cryptocurrencies. Several of India Post’s savings programmes are among the most popular risk-free savings options in the country. Investing in solid schemes with set and good rates of interest remains one of the top objectives for the average middle-class Indian. The post office, which is supported by the government, attempts to meet those objectives.
Read More:-Accumulate Tube Investments of India; target of Rs 1746: Geojit
While investing in Fixed Deposits or Savings Accounts at banks is one option, investing in the Post Office Savings Scheme, or more precisely, the Post Office Recurring Deposit Account, is another excellent option.
This strategy ensures that both your money and the interest you earn over time are safe and secure. It should also be highlighted that the potential risk is low while still giving high profits. If you want to invest in something that will yield significant returns by investing little amounts of money on a monthly basis, starting a Post Office Recurring Deposit Account is a good place to start.
Post Office RD also offers higher interest rates. The advantages of this scheme are that the minimum investment is as little as Rs 100, and there is no maximum investment limit.
Read More:-Wealth Guide: Global investing for Indian investors; here are 4 reasons why you should diversify
This strategy, which has an interest rate of 5.8 percent, is one of the more popular options. This was the most recent rate of interest announced by the government, which became effective on April 1, 2020. Every quarter, the central government sets the interest rates for its small savings schemes.
Consider the following to demonstrate the effectiveness of the Recurring Deposit investment: If you invest Rs 10,000 every month at the present interest rate of 5.8 percent, your money will compound to about Rs 16 lakh in 10 years. Because compound interest is calculated every quarter, it is quite successful in assisting investors in generating earnings on a regular basis.
