Utility: Invest in this post office scheme, and get a return of Rs 16 lakh in 10 years, know the details!

If you are looking for a plan that will grow your money fast, then your search may end here. Because after enrolling in the Post Office Recurring Deposit Scheme, you can accumulate a substantial amount of Rs 16 lakh in just ten years. In addition, the Post Office offers a wide range of additional benefits once you enroll in the program. You bear ZERO risk with this purchase. 

With just Rs 100, you can get started with the Post Office Recurring Deposit Scheme. Those who enroll in the scheme can access their money at any time even after five years. However, full maturity can be achieved only in 10 years. According to statistics, the interest rate on Periodic Deposit Plan is 5.8 percent.

To deposit Rs 16 lakh, you need to deposit Rs 10,000 every month. If you put aside 10,000 rupees every month for a decade, you will have 12 million. After including the annual interest rate of 5.8 percent, you will get a total of Rs 16,26,476 on maturity. Payouts will be lower if you use the money before the 5-year mark.

The unique aspect is that your account will be terminated after four months of non-payment of EMIs. For this, you have to pay a fine. You will have to do more paperwork before making any further investments. You just need to go to the local post office and ask for the details.