Continue reading to find out why one should invest in this post office scheme.
New Delhi: One has to devise an efficient plan to save money during working hours and have to invest it in the right place. Now investment calls for more careful financial planning than saving as it is difficult to figure out where one should invest. Continue reading to find out the answer to your questions.
No doubt you are in search of a plan where you will get a maximum and secure return, this below-discussed scheme will be the one-stop destination for you.
The Recurring Deposit of the Small Saving Scheme of the government body is fully secured from the angle of investment. The most special angle of this scheme is it allows investment from Rs 100 to whatever amount you want to invest. The scheme is open to all economical classes of people.
Maturity period
You can choose the maturity term as per your syllable. The post office offers interest every three months on the deposited money under this scheme.
Age limit
The minimum age to avail of the benefit of the scheme is 18 years. The maximum age bar is not defined. Parents can open accounts for their minor children.
Read More: Want to send funds to PPF, Sukanya Samriddhi Account via India Post Payments Bank? Steps here
Loan Facility
You can also get a loan from this post office scheme. To take a loan, you have to approach your post office branch. You can also deposit this loan in 12 installments. You can take 50 per cent of the amount deposited in your account as a loan.
How to get Rs 16 lakh?
If you invest an amount of Rs 10,000 every month in a recurring deposit scheme, after 10 years you will get more than Rs 16 lakh. Suppose you deposit 10,000 rupees every month, you will deposit Rs 1 lakh 20 thousand in a year. If you invest for 10 years, you will deposit Rs 12 lakh as an investment.
After the maturity of the plan, you will get Rs 4,26,476 as a return. In this way, you will get a total of Rs 16,26,476 after 10 years.
