Post Office: There are many attractive schemes for investment in the post office, which give guaranteed returns like banks. One of these is Post Office Time Deposit (FD). You can get FD for a period of 1 to 5 years, on which different interest rates apply. If you want to invest for a long time, then Post Office FD is a great option.

Let us tell you that a 5-year FD can triple your investment. You will earn double the amount you invest in it only from interest. But for this you have to do one thing. Let us tell you what is the trick to get double the interest from the principal on Post Office FD.

Know what you have to do-

To triple your amount in the post office, you have to choose a 5-year FD at an interest rate of 7.5%. It has to be increased twice continuously before maturity, which will make the total investment period 15 years.

More than 10 lakh interest on an investment of 5 lakhs-

If you invest 5 lakhs in this FD, then at the rate of 7.5 percent interest, you will get 2,24,974 rupees interest on this amount in 5 years. Thus, the total amount will be 7,24,974 rupees. But if you extend this scheme for 5 years, then you will get 5,51,175 rupees only as interest and after 10 years your total amount will be 10,51,175 rupees. You will have to extend it one more time before it matures.

In such a situation, in the 15th year, you will get 10,24,149 rupees only as interest. In this way, after 15 years, you will get a total of 15,24,149 rupees including the principal amount. Meaning, you will get the amount tripled, in which you will earn more than double from interest only.

This is how you will have to get an extension-
Post Office FD can be extended even after maturity. 1 year FD can be extended within 6 months from maturity, 2 2-year FD within 12 months, and 3 or 5-year FD within 18 months. You can also request for extension while opening the account. The interest rate on the day of maturity will be applicable for the extended period.

Different FDs of post office schemes get different interest rates. 6.90 percent annual interest is being given on 1 year FD, 7.00 percent annual interest is being given on 2 year FD, 7.10 percent annual interest is being given on 3 year FD and 7.50 percent annual interest is being given on 5 year FD.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.