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. Know here about one such scheme which can more than double the invested amount in a few years.
Post Office Time Deposit: Generally, people making fixed deposits often make FD in the bank, but if you want to make a long term FD then invest once in the post office. Post Office FD is known as Post Office Time Deposit (Post Office TD). Here you will get FD options of 1, 2, 3 and 5 years. Different interest rates are given on all.
But the post office gives 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 this.
- Or are the interest rates of Post Office TD
- On one year account – 6.9% per annum interest
- On two year account – 7.0% per annum interest
- On three-year account – 7.1% annual interest
- Interest on five year account – 7.5% per annum
- In this way the money will be more than double
Post Office Time Deposit can more than double your invested amount, but for this you will have to do one thing. You will first 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 be 10 years.
This is how you will get ₹10,51,175 on investment of Rs 5 lakh
When you deposit an amount of Rs 5 lakh in Post Office FD for 5 years, then according to the Post Office Time Deposit Calculator, you will get Rs 2,24,974 as interest at the rate of 7.5 percent. That means after 5 years you will get this amount of Rs 7,24,974. But when you fix this amount again for the next 5 years, then at the rate of 7.5 percent interest, you will get Rs 3,26,201 as interest. By adding Rs 7,24,974 + Rs 3,26,201, the total will be Rs 10,51,175. In this way you will get Rs 10,51,175 on maturity.
