Every person wants the investment made for his or his children’s future to be completely safe and also get good returns on it. In today’s time, when the markets can be risky, the schemes of the post office prove to be reliable. The term deposit scheme of the post office is an excellent option for those investors who want to earn huge profits without any risk.
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What is the Post Office Term Deposit Scheme
Post Office Term Deposit is also commonly called Post Office FD. In this scheme, you deposit a lump sum amount and get interest on it on time. Since this scheme is guaranteed by the government, the money invested in it is completely safe. At present, a 7.5% annual interest rate is being given on a 5-year term deposit, which is more than the FD of many banks.
How 5 lakhs will become 15 lakhs
If an investor invests Rs 5 lakh today in a lump sum 5-year FD, then after 5 years, he gets around Rs 7,24,974. If this amount is reinvested again for the next 5 years, then it will increase to around Rs 10,51,175. After this, when the investment is made for the third time in the same scheme for the next 5 years, the total amount will reach around Rs 15,24,149. That is, the investment made only once will become more than three times after 15 years.
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Direct benefit for investors
The most special thing about this scheme is that the investor has to deposit Rs 5 lakh only once, and after that, there is no need to make any additional payment. Neither any installment has to be paid every month, nor do you have to worry about the ups and downs of the market. Still, after 15 years, the investor gets a return of more than Rs 15 lakh, that is, a direct benefit of about Rs 10 lakh.