Post Office FD: If you like safe investment then you will get many better options in the post office. Post Office Time Deposit is also one of them. Through this scheme, you can more than double your money.
Post Office FD: There are many types of schemes in the post office. If you like safe investment then you can get very good options here. Post Office Time Deposit is also one of them. People usually call it Post Office FD. Through this scheme, you can more than double your money. Meaning if you invest Rs 5 lakh in this scheme, then you can make it more than 10 lakh. For this, you just have to do one thing. Know how here-
Know what you have to do
Post Office FD also has different tenures (1,2,3 and 5 years). The interest rate is also different according to the tenure. To more than double your money, you have to choose a 5-year FD. Currently, 7.5 percent interest is being given on this FD. To double the amount, you have to invest in this scheme and extend it before it matures. Let us tell you that in a 5-year FD, you also get tax benefits under Income Tax Act 80C.
This is how 5 lakh rupees will become more than 10 lakhs
If you invest 5 lakh rupees in a post office FD for 5 years, then according to the interest rate of 7.5 percent, you will get an interest of Rs 2,24,974 on this amount in 5 years. In this way, the total amount will be Rs 7,24,974. But if you extend this scheme for 5 years, you will get Rs 5,51,175 only as interest and after 10 years you will get a total of Rs 10,51,175. In this way, you can get more than 10 lakhs by investing only 5 lakhs.
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 on the respective TD account on the day of maturity will be applicable on the extended period.
Also Read-
- IRDAI issued master circular: Insurance companies cannot reject claims in the absence of documents
- Aadhaar-Ration Card Linking: Deadline for linking Aadhaar with ration card has been extended
- SBI vs HDFC bank: Which will earn more on an FD of ₹10 lakh in 5 years? See calculation
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