If you make RDs of Rs 5,000, Rs 10,000, Rs 15,000, and Rs 20,000 in post office, what will be your maturity amount?
Post office RD: Post office runs a lot of small savings scheme. The purpose of these schemes is to encourage those people to save and invest money who can't invest a large amount in one-go. However, in many of these schemes, there is no maximum investment limit. People seeking guaranteed return in these non-market-linked schemes invest their money to get a substantial amount at maturity. The 5-Year Post Office Recurring Deposit Account (RD) is one such post office investment scheme where one can make monthly deposits for five years and can get the maturity amount after that. The RD scheme offers 6.7% interest rate per annum compounded quarterly.
Here's what Rs 5,000, Rs 10,000, Rs 15,000 and Rs 20,000 monthly deposits in the post office RD can give in 5 years.
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Investment of Rs 5,000 in post office RD
If someone invests Rs 5,000 every month for 5 years, their invested amount will be Rs 3,00,000.
Investment of Rs 5,000 in post office RD
They will get interest of Rs 56,830, and their maturity amount will be Rs 3,56,830.
Investment of Rs 10,000 in post office RD
If someone invests Rs 10,000 in month for 5-year duration, their investment will be Rs 6,00,000.
Investment of Rs 10,000 in post office RD
After 5 years, they will get interest of Rs 1,13,659, and their maturity amount will be Rs 7,13,659.
Investment of Rs 15,000 in post office RD
On a monthly investment of Rs 10,000, one will invest Rs 9,00,000 in 5 years.
Investment of Rs 15,000 in post office RD
On a monthly investment of Rs 10,000, one will invest Rs 9,00,000 in 5 years.
Investment of Rs 20,000 in post office RD
At Rs 20,000 a month, one will invest Rs 12,00,000 in 5 years.
Investment of Rs 20,000 in post office RD
Their interest amount will be Rs 2,27,315, and they will get Rs 14,27,315 on maturity.