Post Office Scheme :
Post office offers a facility of opening a savings account and also works as a bank, which I believe you all are not aware of till now. It offers all the functionality which a normal bank provides which is creating a single or joint account, and getting simple interest on your deposited money.
The major advantage of keeping money in the post office bank savings account is that it provides full security of your money and best interest rates which eventually help users in increasing their savings while keeping them in a secure position. This is the best opportunity for those who want to keep money safe in the bank for a longer period.
By just depositing Rs 1000 per month in the Post Office Savings Account, the interest received will be as follows :
Generally the Interest rate of Post Office Savings Bank Account is around 4% per annum, but it may vary from time to time. In this article at Breaking Buddy you will get to know the full calculation of this interest rate:
Simply by depositing Rs 1000 per month in Post Office Savings Account :
Once you have submitted Rs 1000 every month, then you will get a total of Rs 12,000 in your bank account at the end of year.
Interest Calculation of Post Office Savings Bank Account :
Right now the interest rate is 4% per annum, so calculating the interest on the basis of this for the full year. The total Interest for full one year will be :
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If you regularly deposit Rs 1000 every month in a year, then with this process you will get a full Rs 480 as interest from the bank in your Post Office Savings Account. If you keep the account active for more than a year and don’t stop adding money in the account then the interest will be increased significantly.
Now, based on these calculations if you will add Rs 1000 monthly then you will have a total of Rs 12,000 at the end of the year with additional Rs 480 as interest. Interest will be calculated on the monthly basis, and will be added at the end of the year.
You need to make sure to make very little withdrawal in order to keep money in the bank account. If you keep on withdrawing money from the bank then money will be reduced and so will be the interest.
So in order to get the most benefit of this opportunity, you have to keep the money in the bank account and maintain it consistently. Also keep a note of it that, any money which is added in the Post Office Saving Account is Tax deductible, which makes it super beneficial for the users.