Financial Freedom: How to Turn Rs 2 Lakh into Rs 2.3 Lakh in Just 2 Years!"

Post Office Mahila Samman Savings Scheme: How to get Rs 32,000 interest on Rs 2 lakh investment in 2 years; know calculations

Introducing the Post Office Mahila Samman Savings Scheme: An Opportunity for Financial Growth

The Post Office Mahila Samman Savings Scheme, also known as Mahila Samman Bachat Yojana, is a recent addition to the array of government-backed small savings schemes. This scheme, exclusively available at post offices, offers investors a unique opportunity with an annual return of 7.5%, compounded quarterly, over a fixed two-year term.

To illustrate its potential, consider a one-time investment of Rs 10,000 in the Mahila Samman Bachat Patra (Savings Certificate). Over the two-year term, this investment would mature to Rs 11,602, showcasing the scheme’s attractive returns.

For larger investments, such as Rs 2,00,000, investors can anticipate significant growth by leveraging the power of compound interest.

The calculation for potential returns involves the compound interest formula: $A = P (1 + n r)^{n t}$

Here,

$A$ represents the accumulated amount after $n$ years, inclusive of interest.
$P$ denotes the principal amount (the initial investment).
$r$ stands for the annual interest rate (in decimal).
$n$ indicates the frequency of compounding per unit $t$ .
$t$ signifies the duration of the investment, in years.

For instance, considering an investment of Rs 2,00,000, with an annual interest rate of 7.5% compounded quarterly for 2 years, the calculation unfolds as follows:

$A \approx 2, 00, 000 \times (1 + 4 0.075)^{4 \times 2}$

Upon computation, the accumulated amount $A$ approximately equals Rs 2,31,020. Consequently, the interest earned can be deduced by subtracting the principal amount from the accumulated amount:

$Interest = A - P$ $= R s 2, 31, 020 - R s 2, 00, 000$ $\approx R s 31, 020$

In summary, investing Rs 2,00,000 in the Post Office Mahila Samman Savings Scheme for a duration of 2 years, with a 7.5% annual interest rate compounded quarterly, could potentially yield an impressive interest of around Rs 31,020. This scheme serves as a promising avenue for individuals aiming to grow their wealth steadily and securely.

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