If you want a scheme with monthly deposits, then you have many options like RD, PPF etc., but if you want to invest a lump sum then post office FD is a better means of investment. Know how it can more than double your money.
If you want to create wealth, don’t hoard it, invest it. Only investment can make your money grow faster. But where to invest is also a big question. If you are in a position to take risk in this matter, then you can invest money in market linked schemes. But if you want better returns with safe investment, then a government guaranteed scheme can be a better option.
If you want a scheme with monthly deposits, then you have many options like RD, PPF etc., but if you want to invest a lump sum then Post Office FD, also known as Post Office Time Deposit, can be a better option for you. . At present, interest on 5 year FD is available in the post office at the rate of 7.5 percent, which is more than PPF. If you invest in it for a longer period, you can double your amount in just 120 months i.e. 10 years. Know how?
This way the amount will be more than double
Suppose you deposit Rs 5 lakh in post office FD for 5 years i.e. for 60 months, then in five years you will get interest at the rate of 7.5 percent, which will be Rs 2,24,974. In this way, your Rs 5 lakh will increase to Rs 7,24,974 in five years. But you do not have to withdraw this amount now, you have to get its FD made again for 5 years.
In such a situation, your amount will increase to Rs 10,51,175, that is, on Rs 5 lakh you will get interest of Rs 5,51,175, which will be more than your invested amount. In this way, you can more than double your amount in 120 months i.e. 10 years. Whereas if you invest Rs 10 lakh in post office FD for 10 years, then you will get Rs 11,02,349 as interest. At the time of maturity you will get a total of ₹ 21,02,349.
Interest on FD of one to three years
It is not that in Post Office FD you get the option of only 5 years fixed deposit. You can also get FD for 1, 2, 3 and 5 years. The interest rate also varies according to the year. At present the interest on getting fixed for 1 year is 6.9%, on getting fixed for 2 years is 7.0%, on getting fixed for 3 years is 7.0%, on getting fixed for 5 years is 7.5%. Are getting.
At the interest rate at which you start the FD, you get the amount on maturity at the same rate. If you invest in a 5 year FD today, you will get only 7.5 percent interest after 5 years. Even if the interest rate changes in the meantime, it will not affect your FD. But after 5 years, when you renew your FD, you will get interest as per the prevailing interest rate at that time. It may be a little more or less.
