Post Office 3 best schemes: If you want to get guaranteed returns without taking any risk, then small savings schemes of Post Office are the best option. From April 1, 2023, almost all schemes except PPF have become more attractive than before.
The government has increased the interest rates on deposits in these schemes by 0.1-0.7 percent. Small savings schemes that give tremendous returns of the post office include National Savings Certificate (NSC), Post Office Time Deposit Scheme, Sukanya Samriddhi Yojana, Kisan Vikas Patra, Recurring Deposit and Senior Citizens Savings Scheme.
The increase in interest rates means that now your money will double triple faster than before. Here we know on the basis of increased interest rates on three schemes KVP, NSC and SCSS, where your money will double first.
Post Office schemes: where and how much interest increased
According to the information available on the post office website, the maximum interest rate on NSC has increased by 0.7 percent. From April 1, it will get 7.7 percent interest, which was earlier 7 percent. The interest rate on Senior Citizen Savings Scheme has increased from 8 percent to 8.2 percent and on Kisan Vikas Patra from 7.2 percent to 7.5 percent.
Kisan Vikas Patra (KVP)
Interest rate: 7.5% per annum
72/7.50 = 9.6 years or 115 months
According to Rule 72, your investment here will double in 115 months.
Senior Citizens Saving Scheme (SCSS)
Annual interest: 8.20%
72/8.20 = 8.8 years or approximately 106 months
According to Rule 72, your investment here will double in 106 months.
Post Office NSC
Annual interest: 7.70%
72/7.7 = 9.35 years or 112 months
According to Rule of 72, your investment here will double in 112 months.
Know the Rule of 72?
You can use the Rule of 72 formula to find out the time in which money will double in a scheme. Experts consider it an accurate formula. Understand it in such a way that suppose you have invested in a scheme, in which you get 6% interest annually. In this case, under Rule 72, you have to divide 6 in 72. 72/6 = 12 years, that is, under this scheme your money will double in 12 years.
