Post Office schemes also offer guaranteed returns like banks. If you invest money in Post Office Time Deposit, you can earn more interest than the principal and triple your money. Understand how
Post Office Special Scheme: Like banks, there are many schemes to invest in post office. Guaranteed returns are also available on post office schemes. Post Office Time Deposit i.e. Post Office FD is one of them. Options of FDs with tenures ranging from 1 to 5 years are available in the post office. The interest rate is different according to the tenure. But if you want to invest money in the post office for a long term, then you can choose the FD option. In this, a 5-year FD can triple your investment. Whatever you invest in it, you will earn double of it just from interest. But for this you have to do one thing. Let us tell you what is the trick to get double the interest on the principal on post office FD.
Know what you have to do
To triple your money in the post office, you have to choose a 5-year FD. Currently, this FD is being given an interest of 7.5%. You have to invest in this scheme and extend it before it matures. You have to do this extension 2 times in a row, that is, you have to run this FD for 15 years.
More than 10 lakh interest on an investment of 5 lakh
If you invest Rs 5 lakh in this FD, then according to the interest rate of 7.5 percent, you will get Rs 2,24,974 interest on this amount in 5 years. In this way, the total amount will be Rs 7,24,974. But if you extend this scheme for 5 years, then you will get Rs 5,51,175 only as interest and after 10 years your total amount will be Rs 10,51,175. You will have to extend it once more before it matures. In this case, in the 15th year, you will get Rs 10,24,149 only as interest. In this way, after 15 years, you will get a total of Rs 15,24,149 including the principal amount. Meaning you will get the amount tripled, in which you will earn more than double from interest only.
This is how the extension has to be done
Post Office 1 year FD can be extended within 6 months from the date of maturity, 2 year FD within 12 months of maturity period and for extension of 3 and 5 year FD, the post office has to be informed within 18 months of maturity period. Apart from this, you can also request for account extension after maturity at the time of opening the account. The interest rate applicable to the respective TD account on the day of maturity will be applicable on the extended period.
How much interest is given on other FDs of Post Office
Different interest is given on different FDs of Post Office. 6.90% annual interest is being given on 1 year FD, 7.00% annual interest is being given on 2 year FD, 7.10% annual interest is being given on 3 year FD and 7.50% annual interest is being given on 5 year FD.
DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
