If you’ve been looking for a plan that will multiply your money quickly, your quest may stop here. Because after enrolling in the Post Office’s recurring deposit plan, you may amass a tidy sum of Rs 16 lakh in only ten years. In addition, the post office provides a wide range of additional advantages after you enrol in the programme. You incur zero risk with this purchase. Reason being: the Postal Service is not a stock-based corporation.
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With only Rs 100, you may get started with the Post Office Recurring Deposit Scheme. This plan is an alternative if you, too, want to maximise your earnings while decreasing your outlay.
Those who enrol to the plan may access their money at any time, even after five years. However, full maturity may be achieved in only 10 years. According to the data, the interest rate on the periodic deposit plan is 5.8 percent.
To accumulate Rs. 16 lakhs, you’ll need to put away Rs 10,000 per month. If you put away 10,000 rupees every month for a decade, you’ll have 12 million. After factoring in the annual interest rate of 5.8 percent, the total amount you would get at maturity is Rs 16,26,476. The payout will be lower if you access the funds before the 5-year mark.
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The unique aspect is that your account will be terminated after four months of nonpayment of EMI. When picking up where you left off, you’ll have to pay a fine. You’ll need to provide more paperwork before making any further investments. You need to go to the local post office right now and ask for details.
