Post Office Scheme: If you like to invest in safe and guaranteed investment schemes, then there are many such schemes in the post office which can give you the benefit of better interest rates. Here is one such scheme which can more than double the invested amount in a few years.
Post Office Time Deposit: Usually people who make fixed deposits often make FD in the bank, but if you want to make a long term FD, then invest in the post office once. Post Office FD is known as Post Office Time Deposit (Post Office TD). Here you will get options of FD for 1, 2, 3 and 5 years. Different interest rates are given on all.
But the post office gives a good interest on 5-year tax free FD. If you invest money in this scheme, it can more than double in a few years. Let us tell you what are the interest rates of post office FD and how you can more than double the amount through it.
These are the interest rates of post office TD
On one year account – 6.9% annual interest
On two year account – 7.0% annual interest
On three year account – 7.1% annual interest
On five year account – 7.5% annual interest
This way the money will more than double
Post Office Time Deposit can more than double your invested amount, but for this you have to do one thing. First you have to make an FD of Rs 5 lakh for 5 years. But after 5 years you have to fix this FD again for the next 5 years. In this way the time duration of your FD will become 10 years.
This is how you will get ₹10,51,175 on investing 5 lakhs
When you deposit an amount of 5 lakh in a post office FD for 5 years, then according to the Post Office Time Deposit Calculator, at the rate of 7.5 percent interest, you will get Rs 2,24,974 as interest. That is, after 5 years, you will get this amount as 7,24,974. But when you fix this amount again for the next 5 years, at the rate of 7.5 percent interest, you will get Rs 3,26,201 as interest. Adding Rs 7,24,974 + Rs 3,26,201 will give a total of Rs 10,51,175. In this way, you will get Rs 10,51,175 on maturity.
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