These Post Office 4 schemes will quadruped your investment in 20 years
There are many savings schemes in the post office where money can be deposited and quadruped or become more. The post office is giving more interest in comparison to the State Bank of India. Where the interest rate of SBI range from 6.50 to 6.75 percent for the 5-to-10 year for FD, the post office is giving interest rate of 7.4 percent for a 5 year FD. Due to this, the money deposited in the post office grows faster.
Post Office Savings Plans
1. Post Office Fixed Deposit Account (TD)
2. National Savings Certificates (NSC)
3. Kisan Vikas Patra (KVP)
4. Five-Year Recurring Deposit Account (RD)
Your investment will be quadruped in 20 years in the post office time deposit
This account is getting 6.6% for one year, 6.7% for two years, 6.9% for three years and 7.4% for 5 years. The money can be deposited for a maximum of 5 years, but after completion of 5 years it can be extended by depositing it again for 5 years. Similarly, no matter how often this money can be increased. If someone invests Rs. 1 lakh in this scheme at this rate of interest, then the money will be 4.5 lakh rupees in 20 years.
A look at the deposit scheme
Deposit Rs. 1 Lakh
The 5-year interest rate is currently 7.4%
Fund of Rs 4.5 lakh will be ready in 20 years
Rs 3.5 lakh in the form of interest
How much time will take to quadrupled in the National Savings Certificate
The scheme is getting 7.6 percent interest only. Here money is deposited for 5 years. As soon as the money is mature, it can be further extended. In this way, the investor can extend the money as long as the investor desires. If Rs 1 lakh is deposited in this scheme, it will increase to Rs 4.32 lakh in 20 years.
A look at the deposit scheme
Deposit Rs. 1 Lakh
-It is 5 years interest rate 7.6 percent
Fund of Rs 4.32 lakh ready in 20 years
– 3.32 lakhs as interest
How much time will take to quadrupled in the Kisan Vikas Patra
The scheme is getting 7.3 percent interest now. Here money is deposited for 9 years and 10 months at a time. As soon as the investment is mature, if it is deposited again, then this money will be more than quadruped in almost 20 years. Here, the investment of Rs. 1 lakh will be 19 years in 8 months to 4.09 lakh rupees.
A look at the deposit scheme
Deposit Rs. 1 Lakh
-The interest rate is 7.3 percent
Fund of Rs 4.09 lakh will be ready in 20 years
– Rs. 3.09 lakhs will be available in the form of interest
How much time will take to quadrupled in 5 years RD
Currently, 6.9% percent interest is available in this plan. The lump sum money is not collected in this plan. Here a certain amount is deposited every month, which gets back after maturity of 5 years. If this scheme starts investing one thousand rupees a month, then it will be 73,623 rupees five years later. In this, you will deposit 60 thousand rupees, while 13,623 rupees will be available in the form of interest. Money can not be deposited for 5 years in this plan. But if anyone wants to increase the amount of investment every month.