In today’s era, there are many ways to earn money from your accumulated money in the market. Equity market, post office scheme, LIC policy, investment in SIP are all such platforms where people add money and increase their profits by making money. But even today, the most traditional investment in the country is that of RD or recurring deposit. Regarding this investment, even the elders say that you will not even know how to deposit a little money every month and a big fund will be collected on seeing this.
In fact, in the olden days people used to deposit money in the piggy bank, especially to save money for the children, often the parents used to teach this kind of education. In large format, the RD of the bank. There is also interest on your money in this. The biggest advantage of depositing money here is that you not only get interest, but your money is also fully guaranteed.
This is how you will get 64,351 rupees
The interest rates of RD vary from bank to bank, but there are also some banks which are paying 8.5% interest on RD. Usually, it gets 5 to 8 percent interest. If you go with the interest of 8 percent, then let us see how the nominal amount of Rs 870 makes 61,351 rupees. 510 rupees every month means in one year you deposited 6120 rupees. If you used this investment at an interest rate of 8 per cent for 5 years, then you will get a sum of Rs 64,351 in lump sum.
What happens RD
RD means a recurring deposit, that is, depositing a certain amount on a fixed date every month. The interest rate for a recurring deposit is slightly higher than a savings account. You can open it for at least 6 months and for more than 10 years. Referring deposit account is opened in multiples of 3 months like 6 months, 9 months, 12 months or more. Usually, this account is opened with a minimum investment of 500 rupees, but you can open this account in post office or some other places even less.
It is also important to know
In most places, the interest rate of a recurring deposit is equal to the interest rate of a fixed deposit. However, its interest rates are changed from time to time by the banks. This scheme is especially good for those employed, who want to make a big fund by depositing a small amount every month. You can also close this account whenever you want. When the account is closed, you get the amount you have accumulated by adding interest.
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