'This' scheme will give more interest, on investment of Rs. 10,00,000 you will get Rs. 30,00,000
Investment in post office is as safe as in bank
Mumbai. Post Office FD Scheme: Just like a bank, investing in a post office is also considered safe. The government guarantees the safety of your money. There are many schemes in the post office, but today we are going to tell you about the post office time deposit, which we call post office FD in common parlance.
Like banks, FD options of different durations are available in post offices as well. 7.5% interest is being offered on 5-year FD. Along with this, you also get tax benefits under Income Tax Section 80C. In such a situation, if you invest in this scheme, you can earn three times more than your money. For this, you have to do just one thing.
To triple your money in Post Office FD Scheme, you have to choose a 5-year FD. You have to invest in this scheme and extend its period 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. If you invest Rs 10 lakh in this FD, then you will get Rs 4,49,948 interest on this amount in 5 years at an interest rate of 7.5 percent. Thus the total amount will be Rs 14,49,948.
If you extend this scheme for 5 years, you will get Rs 11,02,349 as interest only and after 10 years your total will be Rs 21,02,349. Before this scheme matures, we have to extend it one more time. In 15 years, you will get Rs 20,48,297 as interest on an investment of just Rs 10 lakh. After this, on maturity, you will get Rs 30,48,297. This means that you will get double the interest on your principal and your amount will be three times.
What are the expansion rules?
1 year Post Office FD can be extended within 6 months of the maturity date, 2 year FD within 12 months of the maturity period and 3 and 5 year FD within 18 months of the 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 account on the date of maturity will be applicable for the grace period.
Comments are closed.