Many people now have increased financial discipline. With changing financial needs and increased expenses, the number of people saving is increasing. Accordingly, public sector organizations are attracting customers with good schemes. Post Office is at the forefront of these. Let's learn about a best scheme that gives good income without any risk to the investment.
People used to save the amount left over after spending. But now they are spending the amount left over after saving. Financial needs have increased so much. Especially the number of people saving keeping in mind the future of children is increasing. People are showing more interest in schemes that give good income without any risk to our investment. As part of this, a good fixed deposit scheme is available in the post office.
If you want to save a large amount of money at once, the Post Office Fixed Deposit Scheme is the best option. The 5-year fixed deposit scheme gives more interest than banks. You can earn three times the money through this scheme. That means if you invest ₹5 lakhs, you will get ₹15 lakhs. Let's find out how now.
To turn ₹5 lakhs into ₹15 lakhs, you must first invest ₹5,00,000 in a Post Office Fixed Deposit for 5 years. The Post Office gives 7.5 percent interest on a 5-year fixed deposit. According to the current interest rate, the maturity amount after 5 years will be ₹7,24,974. Fix this money again for 5 years without withdrawing it. If you do this, you will get ₹5,51,175 through interest on ₹5 lakhs in 10 years. Then your total will be ₹10,51,175. This is more than double.
After that, this money has to be fixed again for 5 years. That means you have to fix it twice for 5 years. Then your total money will be deposited for 15 years. At the time of maturity in the 15th year, you will earn ₹10,24,149 through interest on the ₹5 lakhs you invested. Then if you add the ₹5 lakhs you invested and the ₹10,24,149 you received, the total will be ₹15,24,149.
To get ₹ 15 lakhs, the Post Office FD has to be extended twice. There are some rules for this. The Post Office 1-year FD can be extended within 6 months from the date of maturity. A 2-year FD must be extended within 12 months. To extend a 3, 5-year FD, you must tell the post office within 18 months after maturity. You can ask to extend the account after maturity while opening the account. The interest rate on the day of maturity applies to the extended period.
Like banks, interest rates on fixed deposit accounts also vary in post offices. A one-year account earns 6.9% interest. A two-year account gives 7.0% interest, and a three-year account gives 7.1% interest. A 5-year account gives 7.5% interest.
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