Post office schemes are considered to be the best option in terms of getting good returns with low risk. Due to the government guarantee, the risk on this scheme is very less. We are telling you how long your money will be doubled by investing in these schemes of post office.
Being a government guarantee, investing in a post office scheme is considered the safest option. Through India Post, the central government offers some such investment options, in which one can save for the future with very little risk. It has Kisan Vikas Patra, 5 Year Recurring Deposit Scheme, National Savings Certificate, Public Provident Fund, Sukanya Samriddhi Yojana etc., in which you can get good returns almost without risk.
To know when your money will double in any investment scheme, Formula 72 is used. With this, it can be known very easily that when your money will be double. For this, you have to divide 72 by the annual interest rate. After this, the remaining points you will get will tell you how long your money will double. With the help of this formula, let us understand how soon your money will double in which scheme.
1. Kisan Vikas Patra:
For the July-September quarter, interest is being paid on Kisan Vikas Patra at the rate of 6.90 percent. This compound keeps happening every year. In this scheme, if you calculate with the help of formula 72, then your money will double in a total of 124 months.
2. Public Provident Fund:
This is one of the schemes of the post office, which is earning the highest interest on a quarterly basis. If you get interest at the same rate for the whole year, then your money will double in a total of 122 months i.e. 10.14 months. But as an investor, you have to keep in mind that the interest rate on PPF is declared on a quarterly basis. It may increase or decrease from one quarter to another.
3. Sukanya Samriddhi Yojana:
At present, interest is being given on this scheme at the rate of 7.6 percent. According to this interest rate, on the basis of formula 72, your money will double in 113 months i.e. 9.47 years. The interest rate on this scheme is announced on a quarterly basis.
4. National Saving Certificate:
At present, interest of 6.8 percent is being available on this scheme of the post office. This interest is compounded annually. In this scheme, your money will double in 126 months i.e. 10.6 years. But remember that the maturity period of this scheme is 5 years.
5. Time Deposit of 5 Years:
At present, the interest rate on this scheme is 6.7 percent, which is compounded annually. The maturity of this scheme is also for 5 years. In such a situation, you cannot double your money by investing in this scheme in 5 years. To double the amount of investment, you have to wait for 10.74 years in this scheme.
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