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If there is a monthly salary of 50 thousand to 1 lakh in today’s era, then much savings are not possible. There are many people in the workforce, whose monthly savings can be up to Rs 2, 3 or 5 thousand rupees. In this case, many people keep this savings in the bank’s savings account or opt for any such scheme. But let us tell you that there is some scheme through which you can get more benefit on your savings money, too much of it safely.
Actually when savings are low, they can not invest in such a place where the market is under risk. In this way, we are telling you one way to get more returns on your savings account money. For this, you can choose a small savings scheme of post office, where you can get good returns on those money by putting money instead of a savings account. The special thing is that in this scheme, you can invest 10 rupees per month
Another investment bank for safe investment is FD, in which you get more interest, but you have to lock the large amount together for a long time. At the same time, you can deposit the small deposit amount every month and get the FD interest as much as you can. In this case, the easiest way to get double the interest on the savings account is by resizing deposits.Read more, how much will be the difference in interest in a year
Let’s say you deposit Rs.1 thousand in savings account every month and in RD. In this case, you will also want to know that after 1 year you will be able to get the difference in returns from both the schemes.
Savings account: If you deposit 10 thousand rupees every month in the Savings Account, you will have to deposit Rs.120,000 in one year. At the same time, according to the interest of 3.5% a year you will get Rs 1,24,420 in one year. That is, you get an additional 4420 rupees in a year.
RD: If you deposit Rs 10,000 in RD every month, you will have to deposit Rs 120,000 in a year. At the same time, you pay 7.1 percent interest on the post office RD annually. In the same way, your money will go up to Rs. 128520 in a year. That is, you get an additional 8520 rupees. Even if compounding is interval quartly, you will get an additional Rs. 125420 / i.e. 5420 rupees in a year.
– Recurring Deposit relies on the investor’s savings and can invest a fixed amount each month in this.
-Under the lock-in feature of RD, the interest rate remains constant from beginning to end and the interest rate on the deposit gets locked in the beginning. That is, if the interest rate is low, the RD is benefited
– Saving management is easy with a recurring deposit, and relieves the problem of fix deposits repeatedly.At the time of opening the account in Rd, the time period is fixed. On completion of the time period, you get full payment including interest.
-The specialty of RD is that it has the advantages of fixed deposits with regular investment. Interest is fixed and income is guaranteed, and banks are more likely to get an offer. In RD, money can be collected for a particular goal
-RD can be up to 10 years. A long-term investment plan can be made in this.
The RD Account can be opened by post office scheme, bank or online. You can also open RD from mobile app If you are opening an RD in the post office, you can open it with cash and checks. Your post may be transferred from one post office to another post office. A joint account can also be opened in the name of two adults. Before opening an RD account, see how much interest is being received. If there is more than 10 thousand interest on RD, then it will be taxable.
ALSO read news Government to give more loans to the banks can help 30 thousand crore rupees
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