new Delhi. It is said that saving money in bad times is useful. Therefore, savings are very important. But many times we are unable to add money even if we want, due to which our hands are left empty when needed. If you want to avoid similar troubles in future, then the Recurring Deposit Scheme can be beneficial for you. It is also called recurring deposit. Under this scheme, you can get a savings of up to Rs. 7.30 lakhs by saving only Rs. 150 per day. So what is the plan and how to take advantage of it, let us know.
What is Recurring Deposit Scheme?
Recurring deposit is a special type of fixed deposit ie FD. In this, people of regular income deposit a fixed amount every month, instead of which they get interest on it. This scheme is like FD, just fixed amount is deposited in monthly installments. In this way, the amount deposited every month becomes a huge amount in future. Which gets good interest.
How will the amount reach in millions
Recurring deposit schemes are for a long time period. For example, if a person has opened a Recurring Account for 10 years, then for 10 years, he will have to add Rs 150 daily. In such a situation, the person will have to deposit an installment of 4500 rupees every month. In this way, that person will deposit Rs 54,000 for 12 months. In a long period of 10 years, the total deposits will be Rs 5.40 lakhs. On this, you will get an interest of 5.8 per cent annually, then you will get interest of about 1.90 lakh rupees. In this way you will get Rs 7.30 lakh on maturity along with your investment amount. Similarly, the total amount will depend on your total amount.
How much interest is received
Recurring deposit schemes are available at the post office and across the bank. You can open an account with any government and private bank. You will get good interest on investing under this scheme. Every bank has a different interest rate. After opening this account for 5 years in the post office, you will get 5.8% interest annually.