Post Office RD: If you want to invest in government savings schemes then Small Savings Scheme is a very good option. The government is running many small savings schemes through post offices. Guaranteed compensation is available in these schemes. If you do not have a large amount to invest at once, you can also invest by making monthly savings every month. Yes, you can invest a fixed amount every month in Post Office Recurring Deposit. The government has recently revised the interest rates on Post Office Road. From October 1, 2023 to December 31, 2023, 5 year post office RD is getting 6.7 percent annual interest instead of 6.5 percent.
You will get interest on investment of Rs 5,000 on RD
On an RD of Rs 5,000 per month, you will invest Rs 60,000 in one year and a total of Rs 3,00,000 in five years. You will get interest of Rs 56,830 at the rate of 6.7 percent after 5 years. On maturity you will get Rs 3,56,830. If you invest Rs 3,000 in RD every month, you will invest Rs 36,000 in a year. Your total investment in 5 years will be Rs 1,80,000. According to the post office RD calculator, according to the new interest rates, you will get Rs 34,097 as interest. On maturity you will get a total of Rs 2,14,097.
Post Office Savings Scheme changes every three months
TDS is deducted on the interest received on RD. 10% TDS is applicable on the interest rates received on RD. TDS will be deducted if the one month interest on RD is more than Rs 10,000. The Finance Ministry of the Central Government reviews the interest available on small savings schemes every three months. This time in the festive season, the government has changed the interest rates only on 5-year recurring deposits for the October to December quarter. The old interest rates have been implemented on the remaining schemes.