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    Home » Earn Rs. 17 Lakh by Investing Just Rs. 333 Daily in Post Office RD Scheme
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    Earn Rs. 17 Lakh by Investing Just Rs. 333 Daily in Post Office RD Scheme

    Naresh SainiBy Naresh SainiOctober 8, 2024No Comments4 Mins Read
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    Earn Rs. 17 Lakh by Investing Just Rs. 333 Daily in Post Office RD Scheme
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    Saving money is a habit everyone should develop, but finding the right place to invest that ensures both safety and high returns can be tricky. If you are looking for a safe investment plan, the Post Office Recurring Deposit (RD) Scheme might be the perfect option for you. With this scheme, you can turn a small daily deposit of Rs. 333 into Rs. 17 lakh for 10 years. This plan offers guaranteed returns and is a risk-free way to grow your wealth with minimal effort.

    Let’s break down how this scheme works and why it’s considered one of the best small saving schemes available today.

    Why Choose Post Office RD for Risk-Free Investment?

    The Post Office RD Scheme is one of the safest investment options in India, backed by the government itself. This ensures that your investment remains protected, and there’s no risk of losing your money. Additionally, it offers a high rate of compound interest, currently at 6.8% per annum, which significantly boosts your returns over time.

    Key Features of Post Office RD Scheme:

    • Risk-Free: Completely safe, guaranteed by the Government of India.
    • Compound Interest: Earn interest on your investment at a rate of 6.8%.
    • Flexible: Open an account with as little as Rs. 100 per month.
    • Easy Account Opening: Single or joint accounts available.

    The maturity period for this scheme is 5 years, but you have the option to extend it up to 10 years, allowing you to accumulate even greater returns.

    How to Open an RD Account in the Post Office?

    Opening an RD account at the post office is easy and straightforward. You can start your investment journey with as little as Rs. 100 per month. Over time, you can increase your monthly deposit depending on your financial goals.

    See also  Government Plans Big Changes in EPFO – Higher Pension, Easier Withdrawals Coming Soon?

    Steps to Open a Post Office RD Account:

    1. Visit your nearest post office or access the post office’s online portal.
    2. Fill out the RD account application form.
    3. Deposit the minimum amount of Rs. 100 or more based on your saving plan.
    4. Submit the required KYC documents such as ID proof and address proof.
    5. Your RD account is now active, and you can start making regular deposits.

    How Rs. 333 Daily Can Turn Into Rs. 17 Lakh

    By investing Rs. 333 daily, you will deposit around Rs. 10,000 per month into your RD account. Here’s a simplified breakdown of how you can accumulate Rs. 17 lakh with this small daily investment:

    • Monthly deposit: Rs. 10,000 (Rs. 333 x 30 days)
    • Annual deposit: Rs. 1,20,000 (Rs. 10,000 x 12 months)
    • Total deposit in 5 years: Rs. 5,99,400
    • Interest earned in 5 years: Rs. 1,15,427 at 6.8% compound interest
    • Total amount after 5 years: Rs. 7,14,827

    Now, if you extend your investment for another 5 years (making it a total of 10 years), the figures change even more dramatically:

    • Total deposit in 10 years: Rs. 12,00,000
    • Interest earned in 10 years: Rs. 5,08,546
    • Total amount after 10 years: Rs. 17,08,546

    Benefits of Extending Your RD Beyond 5 Years

    While the Post Office RD Scheme matures in 5 years, extending it for an additional 5 years allows you to take full advantage of compound interest. This is where your investment grows, and you can watch your savings increase significantly.

    Additionally, the post office scheme remains risk-free even when extended, meaning your hard-earned money is not subjected to market volatility or unexpected changes in the economy. It’s a steady and reliable way to secure your future.

    See also  PM Vishwakarma Yojana: Loan Scheme for Artisans, Registration Details

    Things to Keep in Mind

    While the Post Office RD Scheme is a fantastic option, it’s important to remember a few key points:

    1. Timely Deposits: You need to deposit your installment on time each month. If you miss any payments, a penalty of 1% per month will be charged. Missing 4 consecutive payments will result in the automatic closure of your account.
    2. Interest Rate Fluctuations: The interest rate is subject to change periodically as per government guidelines, so it’s good to stay updated.
    3. Early Withdrawal: Premature withdrawal is allowed after 3 years, but it might impact the overall return on investment.

    Final Thoughts

    If you’re looking for a safe and reliable investment option with guaranteed returns, the Post Office Recurring Deposit Scheme is a perfect choice. By investing just Rs. 333 daily, you can accumulate a significant fund of Rs. 17 lakh over 10 years. The power of compound interest and government backing make it a risk-free investment, ideal for anyone looking to secure their financial future without worrying about market risks.

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    Naresh Saini
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    Naresh Saini, a graduate with over 10 years of experience in the insurance and investment sectors, specializes in covering topics related to insurance, investments, and government schemes. His expertise and passion for the financial industry allow him to provide valuable insights, helping readers make informed decisions. Naresh is committed to delivering clear and engaging content in these fields.

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