May 13, 2021: Post office investments include a number of savings schemes that provide a high rate of interest as well as tax benefits and most importantly, carry the sovereign guarantee of the Indian government. This means that your money will not be lost. Also, there are schemes to double your money in post office. No, we are not kidding!
Schemes to double your money in post office
Let’s check out the post office savings schemes and their interest rates.
Post Office Time Deposit
Post Office Time Deposit (TD) for an investment period of 1-3 years. Currently, Post Office is offering 5.5% interest rates on Time Deposit.
If you invest in this scheme, then your invested sum will be doubled in 13 years.
You can also invest in this scheme for 5 years, in which you can get an attractive interest rate of 6.7%. If you opt for 5-year Time Deposit, then your investment will double in nearly 10 years.
Post Office Savings Bank Account
If you invest in Post Office Savings Account, then your money will get doubled in nearly 18 years, as the investment option offers only a 4% interest rate.
Post Office Recurring Deposits: At present, 5.8% interest is being paid on the Post Office Recurring Deposits scheme, so if the money is invested with this interest rate, it will double in about 12 years 5 months.
Post Office Monthly Income Scheme, an easy way to double your money in post office
At present, 6.6% interest is being paid on the Post Office Monthly Income Scheme. If the money is invested with this interest rate, it will double in about 10 years.
Post Office Senior Citizen Saving Scheme
The Senior Citizen Saving Scheme of the Post Office is currently paying an interest of 7.4%.
Your money will double in about 9 years.
Post Office Public Provident Fund
Post Office is offering 7.1% interest rate on its Public Provident Fund, which is a 15 year long investment. Your money will get double in 10 years.
Post Office Sukanya Samriddhi Account
Post Office Sukanya Samriddhi Account is currently offering a 7.6% interest rate. Specially tailored for girls, this scheme offers an opportunity to double your money in nearly nine years.
Post Office National Saving Certificate
At present, 6.8% interest is being offered in this scheme. This is a 5-year saving scheme, that also provides tax benefits. Your investment will double in nearly 10 years.
Post Office Kisan Vikas Patra
At present, 6.9% interest is being given in this scheme. With this interest rate, the amount invested here gets doubled in 10 years and 4 months.