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Dell computers founder Michael Dell on the 2 things he looks for when hiring and his best career advice

Published: Nov 14, 2021

Source: Business Insider India

Michael Dell is the chairman and CEO of Dell Technologies. Michael started Dell in his dorm room at the University of Texas and today it's become one of the most successful technology companies in the world. During our conversation, we talked about his entrepreneurial journey, his best career advice, and other topics from his new memoir, "Play Nice But Win."

Dell.jpg

Source: Zee News

Published: Nov 14, 2021

Post Office Scheme: Invest Rs 10,000 to become a millionaire; here's how

New Delhi: This information is solely for you if you want to become a millionaire overnight. Any investment, in general, comes with some level of risk. You can get better profits with less risk by investing in post office schemes. When the stock market's risk is great, the return is also higher than other investment options. However, not everyone is capable of taking risks.

Small savings plans from the post office may be the best alternative for you. In this case, the risk component is likewise low, while the returns are equally good. Let us describe an investment in which the risk is low and the profits are high. One of the investment options is a Post Office Recurring Deposit.

How to start investing in Post Office RD

The Post Office RD Deposit Account is a government-backed scheme that allows you to deposit modest amounts of money and earn a higher interest rate. You can start investing with as little as Rs 100. There is no maximum investment limit; you are free to invest as much as you desire.

This scheme's account will be open for five years. Banks, on the other hand, provide recurring deposit accounts for six months, a year, two years, and three years. Every quarter, interest is calculated (at an annual rate) on the money deposited in it, and it is credited to your account (including compound interest) at the conclusion of the quarter.

How much interest you will get?

Currently, a 5.8% interest rate is available on Recurring Deposit Schemes; this new rate will take effect on April 1, 2020. Every quarter, the Indian government sets the interest rates for all of its small savings programmes. 

If you put 10 thousand every month, you will get Rs 16 lakhs

If you invest Rs 10,000 per month in the post office RD scheme for ten years, you will have accumulated more than Rs 16 lakh at a rate of 5.8%. 

Rs.10,000 invested every month

Interest 5.8%

Maturity 10 years

Maturity amount after 10 years  = Rs 16,28,963 

Important things about RD account 

You must continue to deposit money into the account on a regular basis; if you do not, you will be charged a one percent monthly penalty. After four missing instalments, your account will be closed.

Tax on Post Office RD

TDS is deducted from recurrent deposit investments, and if the deposit exceeds Rs 40,000, a 10 percent annual tax is applied. The interest generated on an RD is taxable, but not the entire maturity amount. Similarly to FDs, investors who do not have any taxable income can claim TDS exemption by completing Form 15G.

Apart from the post office, government and private banks also provide the facility of recurring deposit.

Bank Recurring Deposit  Bank RD Rates Duration  

Yes Bank 7.00% 12 Months to 33 Months 

HDFC Bank 5.50% 90/120 Months 

Axis Bank 5.50% 5 Years to 10 Years 

SBI Bank 5.40% 5 Years to 10 Years