Post office schemes are considered the safest, people who do not want to take risk with investment can invest in post office schemes. There are many such schemes in the post office, which provide safe investment along with giving better interest to the people. Higher returns are given in these savings schemes. Let us know about all the important Post Office Savings Schemes, in which your money is doubled within a few years of fixed amount investment.
Post Office Savings Bank Account
If you keep your money in a post office savings account then you may have to wait for a long period for the money to double as it pays interest only at 4 per cent per annum, i.e. your money in 18 years will be doubled.
The Post Office Recurring Deposit
RD scheme is considered a good investment. In this, 5.8% interest is being given to you on Post Office Recurring Deposit (RD). So if you want to invest money at this interest rate, then it will double in about 12 years.
Post Office Monthly Income Scheme
Post Office Monthly Income Scheme (MIS) is also considered a good option. At present, interest of 6.6% is being given, if money is invested at this interest rate, then it doubles the money in about 10 years.
Post Office Senior Citizens Savings Scheme
Post Office Senior Citizens Savings Scheme (SCSS) is currently being given interest at the rate of 7.4%. In this scheme, your money will double in about 9 years.
Post Office PPF
15 Year Public Provident Fund (PPF) of Post Office is currently getting an interest of 7.1%. That is, it takes about 10 years for your money to double at this rate. However, this period can be extended in case of non-payment of installments.
Post Office Fixed Deposit (TD) of
1-3 years Post Office Time Deposit (TD) currently fetches an interest of 5.5%. If you invest in this, your money will double in about 13 years. Similarly, on a fixed deposit of 5 years, you are getting an interest of 6.7%. If money is invested with this interest rate, then your money will double in about 10 years.
Post Office Sukanya Samriddhi Account Scheme
The highest interest rate of 7.6% is being given on the post office’s Sukanya Samriddhi Account Scheme. In this scheme being run for girls, it takes about 9 years to double the money. However, you can start this scheme only under a certain age.
Post Office National Savings Certificate
National Saving Certificate (NSC) of Post Office is currently being given interest at the rate of 6.8 percent. This is a 5 year savings plan, in which income tax can also be saved. If money is invested at this interest rate, it will double in about 10 years.
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