Deposit Rs. 10,000 every month, you will receive a lump payment of Rs. 16 lakh

Deposit Rs. 10,000 every month, and upon maturity, you will receive a lump payment of Rs. 16 lakh.- Post Office Scheme

Depending on your convenience, you can decide to invest in the post office recurring deposit plan for a term of one year, two years, or even longer. This post office plan is currently accruing interest at a rate of 5.80%. Since April 1, 2020, this interest rate has been in effect. The central government determines the interest rates for its savings programmes every three months. The recurring deposit programme offered by the post office is an easy method to cut costs.

If you deposit Rs. 10,000 at the post office once a month, you will have made Rs. 1,20,000 in one year. Similarly, you have ten years to contribute to this strategy.

This will require an investment of about Rs. 12,00,000. Following this, you will receive a return of Rs. 4,26,476 when the scheme matures. In this way, after 10 years, you will receive Rs 16,26,476 in total. You are able to deposit thousands of rupees if you set up recurring deposits.

If you make an investment in this post office plan, you will get interest payments every three months. At the conclusion of every three months, interest and compound interest are credited to your account.

Important Information:

Parents can open an account on behalf of their minor children.
Anyone who is at least 18 years old may sign up for this savings programme.
Under this programme, a lending/loan facility is additionally provided.