Post Office Scheme: Your money will double if you invest in this scheme without any risk
If you want to double your money, then for this you will have to continue the plan for at least 114 months i.e. approximately 10 years. Post Office Time Deposit Scheme (TD Account) is a scheme that allows investors to double their money in 10 years. This scheme comes under the Time Deposit Scheme of the Post Office. Under this scheme, the investor can deposit a lump sum amount or deposit it every month. The tax benefit is applicable under Section 80C of the Income Tax Act 1961.
Under this scheme, the investor gets 7.2% five-year interest rate. If an investor deposits Rs 1 lakh for 10 years, he will get Rs 2 lakh after 10 years. Interest is paid annually but is calculated every three months. There is a minimum amount of Rs 1,000 to open an account and no maximum limit.
Interest rates from 01 October 2023 to 31 December 2023?
There are many types of small savings schemes and FDs in the post office, but you can get maximum interest from the time deposit scheme (TD Account) of the post office. In this scheme, you can deposit money for 1 year, 2 years, 3 years and 5 years, depending on which different interest rates are applicable. You can get interest up to 6.9% on accounts for up to one year. At the same time, you will get interest of up to 7.0% on accounts for two and three years. If you want to double the money through the Post Office Time Deposit Scheme (TD Account), then for this you can avail the benefit of a 7.5% interest rate available for 5 years.
What is the process of the Post Office Time Deposit Scheme?
If you want to invest money in the Time Deposit scheme (Time Deposit scheme benefits) and you get interested at the rate of 7.5 percent, then it may take about 9 years and 6 months i.e. 114 months for your money to double. If you deposit Rs 5 lakh in this scheme, you get interested at the rate of 7.5 percent. The maturity period of this account must be 5 years, then you can get Rs 7,24,974 on maturity, and you will get the benefit of interest of Rs 2,24,974 on this account.
Eligibility required to invest under this scheme:
- The age of the investor should be more than 18 years.
- The investor must be an Indian citizen.
Documents required to invest under this scheme:
- Identity Card (Aadhar Card, PAN Card, Voter ID etc.)
- Address Proof (Ration Card, Electricity Bill etc.)
Benefits of Post Office Saving Time Deposit Scheme:
- Guaranteed return
- Low risk
- Invest for long-term
- Easy investment process
If you want to keep your money safe for a long period and want to double it, then the Post Office Saving Time Deposit Scheme can be a good option.
Image credit: Freepik