Post Office Scheme, how to earn money: The specialty of this scheme is that your investment in it is completely safe. It is not affected by market fluctuations.
Post Office FD: Like banks, many schemes are run in post offices too. Post Office Time Deposit is one of them. In common language, we call it Post Office FD. Options of FDs with tenures ranging from 1 to 5 years are available in the post office. 7.5 percent interest is being given on 5-year FD. Along with this, you also get tax benefits under Income Tax Act 80C. If you want, you can earn twice more than the principal on this scheme just by interest and can triple your amount.
Know what you have to do
To triple your amount in the post office, you have to choose a 5-year FD. You have to invest in this scheme and extend it before it matures. You have to do this extension 2 times in a row, that is, you have to run this FD for 15 years.
More than 20 lakh interest on an investment of 10 lakhs
If you invest 10 lakhs in this FD, then at the rate of 7.5 percent interest, you will get 4,49,948 rupees interest on this amount in 5 years. Thus, the total amount will be 14,49,948 rupees. But if you extend this scheme for 5 years, then you will get 11,02,349 rupees only as interest and after 10 years your total amount will become 21,02,349 rupees. You will have to extend it one more time before it matures. In such a situation, on the 15th year, you will get 20,48,297 rupees only as interest on an investment of 10 lakhs.
You will get Rs 30,48,297 on maturity
In this way, you will get a total of Rs 30,48,297 on maturity, that is, you will get twice the interest than your principal and triple your amount.
This is how you will have to get 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 to the respective TD account on the day of maturity will be applicable on the extended period.
How much interest is there on other FDs of post office
Different interest is available on different FDs of post office. 6.90% p.a. interest is being given on 1 year FD, 7.00% p.a. interest is being given on 2 year FD, 7.10% p.a. interest is being given on 3 year FD and 7.50% p.a. interest is being given on 5 year FD.
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