Post office
Every parent dreams that the future of their child is safe and prosperous. With this thinking, they adopt many financial security measures for their children. Many people start investing in schemes like PPF, RD, Sukanya along with the birth of children. Apart from this, some people choose to invest in safe schemes like fixed deposits (FD) keeping in mind the future of children.
If you also want to invest your money safely and increase it, then there is a scheme of the post office, which can give you good returns in a short time. The special thing is that you can earn up to 15 lakh rupees by investing 5 lakh rupees in it. Come, know in detail about this scheme.
How to convert 5 lakhs to 15 lakhs
The term deposit scheme of the post office can prove to be a great option if you are thinking of investing outright. In this scheme, you get 7.5% interest rate on 5 years FD, which is more than the bank FD. If you invest 5 lakh rupees, then after 5 years your FD’s maturity amount will increase to Rs 7,24,974. But the funny thing here is that you do not have to withdraw this amount, but to renew it again for 5 years. In this way, in the next 5 years you will get an additional interest of Rs 5,51,175 at Rs 7,24,974 and your amount will be Rs 10,51,175.
Now, you have to invest it again for 5 years, so that your amount can reach Rs 15 lakh at the end of 15 years. That is, at the end of 15 years, you will get an interest of about Rs 10,24,149 on an investment of Rs 5 lakh and your total amount will be Rs 15,24,149. So, how you can earn 15 lakhs by investing 5 lakh rupees, you must have understood now.
These are the interest rates of post office term deposits
The FD scheme of the post office also contains different periods of options like banks, on which different interest rates are available. If you want to do FD for 1 year, 2 years or 3 years, then you will get such interest rates.
- One year account: 6.9% annual interest
- Two -year account: 7.0% annual interest
- Three -year account: 7.1% annual interest
- Five -year account: 7.5% annual interest
Why is the option of FD scheme of post office better?
There are many benefits of investing in the FD scheme of the post office. The first advantage is that it is completely safe, as it is supported by the Government of India. Apart from this, this scheme pays more interest than banks, which increases your money better. If you are among those who want to increase your money while avoiding risk, then the FD of the post office can be a great option for you. In this, you neither fear market fluctuations nor do you have to face any kind of uncertainty.