The Post Office scheme is highly favored by the working class and middle class in the country. It offers guaranteed returns and a secure investment option. With various schemes available, investing even a small amount monthly can lead to significant returns over the years. One such scheme is the Recurring Deposit, which allows you to start investing with just Rs. 100.
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Recently, the government has increased the interest rate on recurring deposits from 6.2% to 6.5%. The investment amount you choose for the RD remains consistent until maturity. Let’s explore the maturity amount for different monthly deposits.
For a recurring deposit of Rs. 2,000, the maturity amount will be Rs. 1,41,983. By depositing Rs. 2,000 every month or approximately Rs. 66 per day, the annual deposit amounts to Rs. 24,000. Over a 5-year tenure, the total deposit will be Rs. 1,20,000, with an additional interest of Rs. 21,983. The maturity amount will be Rs. 1,41,983.
For a recurring deposit of Rs. 3,000, the maturity amount will be Rs. 2,12,971. By depositing Rs. 3,000 every month or around Rs. 100 per day, the annual deposit amounts to Rs. 36,000. Over 5 years, the total deposit will be approximately Rs. 1,80,000, with an additional interest of Rs. 32,972. The maturity amount will be Rs. 2,12,971.
For a recurring deposit of Rs. 4,000, the maturity amount will be Rs. 2,83,968. By depositing Rs. 4,000 every month or approximately Rs. 133 per day, the annual deposit amounts to Rs. 48,000. Over 5 years, the total deposit will be around Rs. 2,40,000, with an additional interest of Rs. 43,968. The maturity amount will be Rs. 2,83,968.
