New Delhi: With interest rates of saving and fixed accounts nose-diving at record lows, many investors are in search of other instruments to grow their money quickly. If you’re looking to invest your money in secure schemes then what can be safer than investing in Post Office schemes.
Here’s a list of all the investment options offered by the Post Office that can double your money in a few years:
1. Post Office Time Deposit
Post Office offers Time Deposit (TD) for an investment period of 1-3 years. Currently, Post Office is offering 5.5% interest rates on Time Deposits. If you invest in this scheme, then your invested sum will get doubled in 13 years.
You can also invest in this scheme for 5 years, in which you can get an attractive interest rate of 6.7%. If you opt for 5 year Time Deposit, then you will investment will double in nearly 10 years and 9 months.
2. Post Office Savings Bank Account
If you invest your money in a Post Office savings bank account, then your money will get doubled in nearly 18 years, as the investment option offers only a 4% interest rate.
3. Post Office Recurring Deposits
Post Office is offering a 5.8% interest rate on its Recurring Deposits (RD) scheme. If you invest your money in this scheme, then it’ll get doubled in nearly 12 years 5 months.
4. Post Office Monthly Income Scheme
Currently, Post Office Monthly Income Scheme (MIS) is offering an interest rate of 6.6%. Your invested sum in this scheme will get doubled in 10.91 years.
5. Post Office Senior Citizen Saving Scheme
Post Office Senior Citizen Saving Scheme is offering an interest rate of 7.4%. Your investment will get doubled in 9.73 years if you opt for this scheme.
6. Post Office PPF
Post Office is offering a 7.1% interest rate on its Public Provident Fund (PPF), which is a 15-year long investment. Your money will get doubled in 10.14 years if you invest in this scheme.
7. Post Office Sukanya Samriddhi Account
Post Office Sukanya Samriddhi Account is currently offering a 7.6% interest rate. The scheme, which is specially tailored for women of young age, offers an opportunity to double your money in nearly 9 years and 6 months.
8. Post Office National Saving Certificate
Post Office National Saving Certificate (NSC) is offering a 6.8% interest rate. It is important to note that this is a 5-year investment scheme that also provides tax benefits. Your investment in this scheme will double in nearly 10 years 7 months.