Post Office FD: Like banks,there are many schemes for investment in post offices too. Guaranteed returns are also available on post office schemes. Post Office Time Deposit i.e. Post Office FD is one of them. FD options ranging from 1 to 5 years are available in the post office.
The interest rate varies according to the period. But if you want to invest money in the post office for a long period,then you can choose the FD option. In this,a 5-year FD can triple your investment. Whatever you invest in it,you will earn double only from interest. But for this,you have to do one thing. Let’s know the way to get double interest on the principal on post office FD.
Triple profit,easy way
To triple your amount in the post office,you have to choose a 5-year FD. Currently,interest is being given on this FD at the rate of 7.5%. You have to invest in this scheme and extend it before it matures. You have to do this extension 2 times in a row,that is,you have to run this FD for 15 years.
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More than 10 lakh interest on investment of 5 lakhs
If you invest Rs 5 lakh in this FD,then according to the interest rate of 7.5 percent,you will get Rs 2,24,974 interest on this amount in 5 years. In this way,the total amount will be Rs 7,24,974. But if you extend this scheme for 5 years,you will get only Rs 5,51,175 as interest and after 10 years your total amount will be Rs 10,51,175.
You have to extend it one more time before it matures. In such a situation,in the 15th year,you will get only Rs 10,24,149 as interest. In this way,after 15 years,you will get a total of Rs 15,24,149 including the principal amount. Meaning,that you will get three times the amount,in which you will earn double from interest only.
This is how it has to be extended
For extension of 1 year FD of the post office,the post office has to be informed within 6 months from the date of maturity,2-year FD within 12 months of maturity period,and for extension of 3 and 5-year FD,within 18 months of maturity period. Apart from this,you can also request for account extension after maturity at the time of opening the account. The interest rate applicable to the respective TD account on the day of maturity will be applicable for the extended period.
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How much interest is given on other FDs of post office
Different interest is given on different FDs of post office. 6.90% interest per annum is given on 1 year FD,7.00% interest per annum on 2 year FD,7.10% interest per annum on 3 year FD and 7.50% interest per annum on 5 year FD.
