Post Office Scheme has emerged as a guarantee of confidence along with safe investment these days. Specially due to options like SSY Scheme, SCSS Scheme, Post Office Scheme is trending among investrors. Safe investment with better returns and what people need, and post office is giving all this. It has very good interest along with guarantee of safe investment. There is no risk in deposits. Different interest rates apply in different schemes.
Due to which returns also vary but if you deposit money in a savings account in the post office like banks, then how much benefit will you get from it. Post Office RD Scheme is ideal for investors who want to earn safe and good returns through small but regular investments. You may start with Rs 1,000 and create a fund worth more than Rs 1 lakh by investing a specific amount each month.
Post Office Scheme
SIPs are now termed a smarter way to invest. Despite this, a large population continues to distrust the market. They will undoubtedly take a lower profit, but they will rather put their money in programs that provide assured returns and are risk-free. If you are one of these investors, consider investing in a Post Office Recurring Deposit (RD).
There are many benefits of investing in post office as in this not only you get the option of safe investment but along with it you get good returns and there are many such small savings schemes of Post Office, that gives the benefit of tax saving along with high interest rates.
People who want to avoid the hassles of the banking system, people deposit money in the post office. So if you invest Rs 1,000 every month and its maturity period is 10 years, you will deposit a total of Rs 1,20,000. In this, Rs 56,857 will be added as interest at the rate of 6.7 percent and after this your total fund will become Rs 1,70,857.
Benefits of More than Rs. 1,00,000 With this Post Office Scheme
Post Office Department Savings Scheme is quite impressive under that many types of schemes have been started till now. In view of Post Office savings scheme, crores of individuals may save according to their income to ensure their future. Investing in several post-office schemes might yield high return. Small savings plans offered by post offices are regarded as a viable investment and security choice. You may also become a crorepati by investing in the Post Office’s RD Scheme.
Investing in numerous post office plans not only provides significant profits but is also regarded a safe investment option. Investing in the post office’s RD plan allows you to effortlessly make a large fund. This will be subject to a 6.7% annual interest rate, resulting in an extra charge of Rs. 56,857 and so your total will be Rs. 1,70,857.
How to invest in Post Office Scheme
- You can start RD scheme by visiting nearest PO and the minimum amount to open an account can start from Rs. 100.
- There is no limit on maximum investment and the duration of the scheme is 5 years, and can be extended as per requirement.
- Accounts can be started with cash or check.
- If the account is started by the 15th of any month, the sum must be deposited by the 15th of each month.
- If the account is created after the 16th, the sum must be deposited by the month’s last working day.
Benefit of PO Scheme
- If you save through the savings system for women, you will receive attractive interest rates.
- Women who are concerned about their future will be able to give it a new path thanks to this scheme.
- This savings system is totally government-run, therefore there is no danger of fraud.
- The major goal of this savings system, sponsored by the Post Office Department, is to give a secure choice for saving to citizens and to provide them with government-level saving counsel.
- Apart from this, another advantage of this PO RD Scheme is that loan facility is also provided in it.
- In terms of interest rate, it is 2 percent higher than the one you are now receiving.
- Aside from that, TDS is deducted on the interest earned on investments in this scheme, that is returned in accordance with the investor’s income once they claim ITR.
| Official Website | Click Here |
| Homepage | KeralaCoBank.Com |
Samarth Choudhary is a Chief Editor at keralacobank.com. He has overall editorial experience of 10 years in online media. He has completed his graduation from University of California and masters in Finance from University of Dallas in year 2010. His major interest and expertise is in Finance, Taxes, Government Aid and Schemes. His Major focus is to help users to get relevant information which are published on keralacobank.com in easy and precise form.