Double Money with a guarantee with 6 schemes of the post office
Here we come with new IMP news in our informative blog site knowing steps360. It is very important to have a good bank balance for a better future. Therefore, if you are thinking of investing, then Post Office Schemes can be beneficial for you. Money can be double with the guarantee in it. Also, there will be no fear of risk. In this, you can get millions on maturity. So, let us know which are those schemes.
Sukanya Samriddhi Account Post Office
Sukanya Samriddhi Yojana run by the post office is quite popular. It was started for the bright future of girls. It helps in the education of the daughter from marriage to marriage. Its maturity period is 21 years, but investment has to be made for only 14 years.
The daughter's age should be less than 10 years for the application. At this time, the post office scheme is getting the highest interest of 7.6 percent. In this scheme being run for girls, it takes about 9.47 years for the money to double.
Senior Citizen Saving Scheme
Senior Citizen Savings Scheme-SCSS of Post Office is a better option for senior citizens. This scheme is for 5 years. You can invest up to 15 lakh rupees in it. After maturity, this scheme can be extended for 3 years. The minimum deposit amount to open an account should be Rs 1,000. At this time, the interest of 7.4% is being given in this scheme. Money will double in about 9.73 years.
Public provident fund
Public Provident Fund ie PPAP is a popular scheme for long-term investment. Up to 7.1 percent interest is being received on this scheme. In this, the return is completely tax-free. Its maturity period is 15 years, but you can extend it to a period of 5-5 years. There is a lock-in period of 15 years. It will take about 10.14 years for the money to double in this scheme.
Time deposit in the Post office
Compound interest is added to the post office's time deposit, hence higher returns are received. In this, investors can open accounts with a minimum amount of 1000 rupees. If it is invested between 1 year to 3 years, then 5.5 percent interest is being paid on it.
According to this, your money will double in 13 years. On the other hand, if you invest for 5 years, then you are paying 6.7 percent interest on it. In this case, your money will double in about 10.75 years.
Monthly income scheme
A monthly Income Scheme (POMIS) will be useful in meeting your needs. By investing in this scheme, you can get a fixed amount every month. At present, the interest of 6.6% is being earned on MIS, if money is invested with this interest rate, it will double in about 10.91 years.
Recurring Deposit
In the post office, people of regular income deposit a fixed amount every month on which they get interested. You can also deposit a minimum of Rs 100 per month in RD. You can also invest 1000 rupees or more. Its maturity period is 5 years. If you want, you can extend it even further. You are currently being paid 5.8 percent interest on RD, in such a case that the money will double in about 12.41 years.
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