Post Office scheme: Deposit Rs 70 every day to get Rs 1.5 Lakh - Details inside

For people, investing in good schemes to get maximum returns is one of the topmost priorities. An investment that is researched thoroughly is one of the safest and sure-shot ways to prevent financial disappointments. 

Today, we will tell you about one such scheme - the Post Office Recurring Deposit Account initiated by India Post - under which by depositing Rs 70 every day, you can get around Rs 1.5 lakh (at maturity). 

Under this scheme, the interest rate is compounded quarterly and a person is also free to open an account in their child's name, so as to guarantee them a secure future. 

If you are listed as the kid's legal guardian, you can open the account in the child's name. The maturity period of this scheme is 5 years.

How does this scheme work? 

Any parent - opening an RD account for their kid - can deposit Rs 70 every day (Rs 2,100 a month) and at the end of 5 years, the parent would have Rs 1,26,000 in the account.

Notably, the interest rate is also compounded quarterly and RD account holders get an interest rate of 5.8% since April 2020. This makes the total interest at the end of 5 years - Rs 20,000 thus the total sum in the account would be Rs 1,46,000, just a little bit less than 1,50,000.

Eligibility 

This scheme allows citizens of India to start a single or joint account of up to 3 adults. 

On behalf of a minor or a person with an unsound mind, a legal guardian can also open an account. 

A child, aged 10 and above can also open an account.