Want to double your money? Checkout these post office schemes
Many are aware that the Central government has not changed the interest rates of small savings schemes for the September quarter. Notably, Post Office runs a lot of savings schemes, the best of which is that there is a guarantee from the government on it.
Today, let us tell you about all the important Post Office savings schemes. Let’s find out how much money you need to invest in these schemes, and how much time it will take for your money to get double.
Post Office Time Deposit (TD)
Post Office Time Deposit (TD) of 1-3 years is currently getting an interest of 5.5%. If you invest in this, your money will double in about 13 years. Similarly, you are getting an interest of 6.7% on a time deposit of 5 years. If money is invested with this interest rate, then your money will double in about 10.75 years.
Post Office Savings Bank Account
If you keep your money in a post office savings account, then you may have to wait for a longer period for the money to double as it gives interest only at 4 percent annually, that is, your money will double in 18 years.
Post Office Recurring Deposit
At present, 5.8% interest is being given to you on Post Office Recurring Deposit (RD), so if the money is invested at this interest rate, it will double in about 12.41 years.
Post Office Monthly Income Scheme
Post Office Monthly Income Scheme (MIS) is currently getting an interest of 6.6%, if money is invested at this interest rate, it will double in about 10.91 years.
Post Office Senior Citizen Savings Scheme
Post Office Senior Citizen Saving Scheme (SCSS) is currently being given an interest of 7.4%. Your money will double in this scheme in about 9.73 years.
Post Office PPF
The 15-year Public Provident Fund (PPF) of the Post Office is currently getting an interest of 7.1%. That is, it will take about 10.14 years to double your money at this rate.
Post Office Sukanya Samriddhi Account scheme
The post office’s Sukanya Samriddhi Account scheme is currently getting the highest interest rate of 7.6%. In this scheme being run for girls, it will take about 9.47 years to double the money.
Post Office National Saving Certificate
At present, 6.8% interest is being given on the National Saving Certificate (NSC) of the Post Office. 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 10.59 years.
