Usually, after boarding, the child needs money. In today’s era, parents have to spend a lot for the education of their children. Parents start financial planning from the time of the birth of their children. Post office is a better option for you to keep your money safe and get good returns. There are some schemes in the post office where you can get more returns in less time.
Post Office Scheme: It is the dream of every parent to raise their children well. Fulfill all their wishes. Worry about their future, how their child becomes financially strong so that later on he does not have to beg in front of anyone due to lack of money. Parents do some savings every day to save the future of their children. Therefore, parents start doing all kinds of financial planning as soon as the child is born.
With the birth of the child, some parents start investing in many schemes like PPF, RD, Sukunya. Apart from this, some people plan to deposit a fixed deposit i.e. lump sum amount to meet the future needs of the child. Let us tell you today about a scheme of the post office which provides more returns in less time. Under this scheme, you can make five lakh rupees up to 15 lakh rupees. This scheme of the post office is amazing. This scheme is very popular among the common people.
Invest money in Post Office Term Deposit Scheme
If you want to invest a lump sum amount, then Post Office Term Deposit i.e. Post Office FD is the best option for you. In this scheme of Post Office, good returns are being received on 5-year FD. It provides better interest than banks. Through this scheme, if you want, you can more than triple the amount i.e. if you invest Rs 5,00,000, then in 180 months you can get 15,00,000. Know how this scheme works
This is how 5 lakhs can become 15 lakhs
There is nothing to be done to make 5 lakhs into 15 lakhs. You have to deposit the amount of 5 lakhs in the post office FD for 5 years. The post office gives an interest rate of 7.5 percent on 5-year FD. After 5 years, the maturity amount will increase to Rs 7,24,974, but this amount does not have to be withdrawn. Rather, it has to be deposited again for the next 5 years. In this way, in 10 years, you will get Rs 5,51,175 through interest on the amount of 5 lakhs and your amount will become Rs 10,51,175.
Similarly, it will have to be fixed once again for 5 years, that is, you will have to fix it twice for 5 years each, in this way your amount will be deposited for a total of 15 years. At the time of maturity in the 15th year, you will get Rs 10,24,149 from the interest on an investment of Rs 5 lakh and you will get a total of Rs 15,24,149. In simple language, to make Rs 5 lakh into Rs 15 lakh, you will have to increase the post office FD twice. There are some rules for this which you should understand.
Post Office TD Interest Rates
Like banks, in post offices too you have the option of FD of different tenures. Different interest rates are given for each tenure. The current interest rates in the post office are as follows.
- One year account 6.9% annual interest
- Two year account 7.0% annual interest
- Three year account 7.1% annual interest
- Five year account 7.5% annual interest
