New Delhi: Post Office schemes provide good profits with no risk. The most significant aspect of the post office is that it is backed by the government. That is to say, the risk factor is quite low. Let us know about all of the post office's savings plans, in which your money will be doubled if you invest. Also, be aware of the interest rates associated with any of these plans.
1. Post Office Time Deposit
A one-year to three-year Post Office Time Deposit (TD) now pays 5.5 percent interest. Your money will double in around 13 years if you invest in this. Similarly, a 5-year time deposit pays 6.7 percent interest. If you invest your money at this pace, your money will double in around 10.75 years.
2. Post Office Savings Bank Account
You may have to wait a long time for your money to double if you store it in a post office savings account. Because there is only a 4.0 percent interest rate available, your money will double in 18 years.
3. Post Office Recurring Deposit
The current rate of interest on Post Office Recurring Deposits (RD) is 5.8%, which means that if the money is invested at this rate, it will double in around 12.41 years.
4. Post Office Monthly Income Scheme
The interest rate on the Post Office Monthly Income Scheme (MIS) is currently 6.6 percent; if money is invested at this rate, it will double in around 10.91 years.
5. Post Office Senior Citizens Savings Scheme
The interest rate on the Post Office Senior Citizen Savings Scheme (SCSS) is now 7.4 percent. In 9.73 years, your money will have doubled in this strategy.
6. Post Office PPF
The Post Office's 15-year Public Provident Fund (PPF) is now earning 7.1 percent interest. At this rate, it will take approximately 10.14 years to double your money.
7. Post Office Sukanya Samriddhi Account
The Sukanya Samriddhi Account scheme at the post office currently has the highest interest rate of 7.6%. It will take around 9.47 years to double the money in this strategy for girls.
8. Post Office National Saving Certificate
The National Saving Certificate (NSC) of the Post Office now pays 6.8% interest. This is a 5-year savings plan that also allows you to save money on taxes by investing. If you invest at this pace, your money will double in around 10.59 years.
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