Post Office FD: Like banks, you can get options of FDs of different tenures in the post office. 5-year FDs are getting 7.5 percent interest. Along with this, you also get tax benefits under Income Tax Act 80C. You can triple your money through this FD.
Post Office FD: Like banks, post office investment is also considered very safe. In this, the government guarantees the safety of your money. Many schemes are run in the post office, but here we will talk to you about Post Office Time Deposit, which we call Post Office FD in common language. Post Office FD: Like banks, you can get options of FDs of different tenures in the post office. 5-year FDs are getting 7.5 percent interest. Along with this, you can also get tax benefits under Income Tax Act 80C. In such a situation, if you invest in this scheme, you can triple your money. For this, you have to do just one thing.
Know what you have to do
To triple your money in the post office, you have to choose a 5-year FD. 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. If you invest Rs 10 lakh in this FD, then according to the interest rate of 7.5 percent, you will get Rs 4,49,948 interest on this amount in 5 years. In this way, the total amount will be Rs 14,49,948.
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But if you extend this scheme for 5 years, then you will get Rs 11,02,349 only as interest and after 10 years your total amount will be Rs 21,02,349. You will have to extend it one more time before it matures. In this case, on the 15th year, you will get Rs 20,48,297 on an investment of Rs 10 lakh only as interest. On maturity, you will get Rs 30,48,297. That is, you will get twice the interest than your principal and triple your amount.
Understand the rules of extension
1 year FD of post office 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 for the extended period.
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