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Invest Rs 100 per day in a recurring deposit scheme and raise a fund of ₹ 5 lakh, earning interest at 5.8%

Investment:  Invest Rs 100 per day in a recurring deposit scheme and raise a fund of ₹ 5 lakh, earning interest at 5.8%

You can invest a minimum of Rs. 100 per month in RD scheme
Post Office offers 5.8% interest on RD

Raising a large fund is not easy for a low paid person. But the Post Office Recurring Deposit (RD) scheme can make this task easier. Under this plan you can save a large amount even by making small savings. By investing Rs 100 per day, you will be able to raise a fund of Rs 4.86 lakh.

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What is RD?
RD can help for big savings. You can use it as a piggy bank. This means you can deposit a certain amount in it every month after salary and you will have a late amount in your hand when you mature.

How can an account be opened in a child's name?
If your child is younger than 10 you can open an RD account on his behalf, but you have to manage it. If your child is older than 10, your child can operate their own account.

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You can invest from Rs 100 In
this RD scheme you can invest a minimum of Rs 100 per month. You can deposit any amount in multiples of more than 10. There is no limit to the maximum deposit.

Where can an RD account be opened?
RD is a kind of small savings scheme. Anyone can open an account in banks besides post office. The term of Post Office RD is 5 years. While in a bank you can invest in it for 6 months to 10 years.

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Post office is getting 5.8% interest on RD
India Post's RD is getting 5.8% interest. If you invest 3000 rupees per month i.e. 100 rupees per day for it, how much money will you get after how many years.

Read in Gujarati news 

Invest every monthHow much return will you get after 5 yearsHow much will return after 10 years
100069 thousand Rs.1.61 lakh
30002.08 lakh4.86 lakh
5000 Rs.3.47 lakh8.09 lakh

Note: - This calculation is given approximately. The Post Office reviews the interest earned on RD every 3 months.

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