If you are looking for such an investment option, in which you get guaranteed returns, then you can choose the post office time deposit. Post office time deposit is similar to bank FD.
It is also called post office FD. Through this, you can get the amount fixed for 1, 2, 3 and 5 years and can get a good interest. If you want, you can also double your amount. But for this you have to fix the money for a long time. Let us tell you that in how much time your money will be doubled through time deposit.
First know the current interest rate
Talking about the interest received on the post office time deposit scheme, currently 6.6% on 1 year FD, 6.8% on two year FD, 6.9% on three year FD and 7% interest on 5 year FD. Are getting. In this, the interest is paid on an annual basis, but it is calculated on a quarterly basis. Apart from this, you get the benefit of compounding in time deposits, that is, apart from the principal, you are also given interest on the interest. The longer you invest, the better you will be able to take advantage of compounding.
This is how your money will double
If you want to get good profit through post office time deposit scheme, then the amount has to be fixed for at least 5 years. In the time deposit of 5 years, you will get interest at the rate of 7 percent. Meanwhile, even if there is a change in the interest rates, the same interest will be charged on your invested amount with which you have invested the money.
Suppose you invest Rs 5 lakh in the post office for five years, then at the rate of 7 per cent you will get Rs 2,07,389 as interest after five years. In this way, you will get Rs 7,07,389 on maturity, but you do not have to withdraw this amount, but you have to fix it again for 5 years. In this case, after the next 5 years, you will get an interest of Rs 5,00,799 on the invested amount and after maturity, the total amount will be Rs 10,00,799.
If you invest money with this formula, you will get Rs 2,00,160 after 10 years, Rs 4,00,319 for Rs 2 lakh, Rs 6,00,479 for Rs 3 lakh after 10 years at 7% interest rate. And after fixing Rs 10 lakh, you will get Rs 20,01,597 after 10 years. That is, after 10 years your amount will double.
keep in mind
The interest rates mentioned above are currently applicable till March 31. That is, to get 7% interest on a 5-year time deposit, you will have to fix the money before March 31. After this, there can be a change in the interest rates. After changing the interest rate, if you fix money in it, then it will be calculated according to the new interest rates.
