Get Rs 16 lakh in 10 years by investing in this Post Office scheme

The Post Office Recurring Deposit scheme is totally secure from the angle of investment. It allows you to invest an amount from as low as Rs 100 to whatever amount you desire. The scheme is accessible for people of all economic classes Under this scheme, the post office provides interest every quarter on the deposited money. The minimum age required to avail the benefit of this scheme is 18 years. Parents can also open accounts for their minor children who are over 10 years of age. You can take a loan from this post office scheme as well. In order to get a loan, you must approach your post office branch after you have deposited 12 installments in your RD. You can take 50 percent of the deposited amount in your account as a loan. How to get Rs 16 lakh in 10 years? If you invest Rs 10,000 every month in a recurring deposit scheme, then after 10 years, you will end up getting more than Rs 16 lakh. If you deposit Rs 10,000 every month, you will be depositing Rs 1.2 lakh in a year. If you keep investing for 10 years, you will end up depositing Rs 12 lakh as an investment. After the plan matures, you will get Rs 4,26,476 as returns. In this way, you will end up having a total amount of Rs 16,26,476 after 10 years. The salaried middle class people in India often prefer the Post Office for a risk free investment that offers good returns. The Post Office offers a number of schemes, and gives better returns than bank FDs and RDs. The Post Office RD scheme gives an interest rate of 5.8 percent per year. This rate of interest is compounded quarterly. Every quarter, the central government fixes the interest rates of its small savings schemes. The Post Office RD matures after 5 years or 60 months from the date of opening. In case, the account is closed prematurely, even one day before maturity, interest rates will be applied on the basis of the Post Office Savings account. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.