(MENAFN- AsiaNet News) A Post Office scheme that helps you earn over Rs 35,000 with interest by depositing just Rs 500 every month. Even children can join this scheme. Let's find out how to invest in this.
It is said that whatever you Teach children from their childhood, the same values will develop in them. Along with teaching all kinds of habits to your children, financial training should also be given, and they should be taught to save from a young age. Generally, to teach children to save, parents make them put their money in a piggy bank at home. Piggy bank only works to deposit money. It does not give you any extra benefit.
But there is a piggy bank in which if children deposit, they will also get interest. We are talking about Recurring Deposit. RD is also like a piggy bank. In this, you have to deposit a fixed amount every month and the maturity amount will be received with interest. In such a situation, when children see their deposit amount increasing, their happiness will be different. Here's how you can collect 35,000 by depositing 500 rupees per month.
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RD facility is also available in banks and it is for different tenures. But Post Office RD is for 5 years, but it gives good interest. For your children's better savings, start investing in Post Office RD. The best thing about Post Office RD is that it can be started with just Rs 100 per month. There is no limit on the maximum deposit amount. Currently, 6.7 percent interest is being offered on this RD.
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In such a situation, if parents have children to deposit Rs 500 every month, then Rs 6,000 will be deposited in a year and Rs 30,000 in 5 years. On this, interest of 6.7 percent will be Rs 5,681 and on maturity, Rs 35,681 will be received. At the same time, if this amount is deposited in the piggy bank, then only Rs 30,000 will come. There is no benefit to interest.
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When starting children's RD, take them with you. Tell them to deposit that amount. This will make the children understand how money is invested. It takes a while for a 5 year RD to mature. In such a situation, children have to be a little patient for that money. This will develop in them the habit of being patient. When they receive the money on maturity, explain to them how their money has grown due to the interest on the investment. This will make the children understand the importance of investment. Through this, children can be easily taught the lesson of saving and investment at home and can be given better guidance for their financial future.
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You can go to any branch of the post office and open an account in the name of the child. Mother or father can open an account in the name of the minor. Apart from this, a minor above 10 years of age can open an account in his own name. Joint account facility is also available in Post Office RD. Apart from this, RD accounts can be opened in any number.
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