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Post Office FD: Like a bank, investing in a post office is also considered very safe. The government guarantees the safety of your money in this. Many schemes are run in the post office, but here we will talk to you about Post Office Time Deposit, which we call Post Office FD in common language. Like a bank, there are options for FDs of different durations in the post office as well. 7.5 percent interest is being given on 5-year FD. Along with this, you also get tax benefits under Income Tax Act 80C. In such a situation, if you invest in this scheme, then you can triple your amount. For this you have to do just one thing.
Know what you need to do
To triple your money in the post office, you have to choose a 5-year FD. 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. If you invest Rs 10 lakh in this FD, then according to the interest rate of 7.5 percent, you will get interest of Rs 4,49,948 on this amount in 5 years. In this way, the total amount will be Rs 14,49,948.
But if you extend this scheme for 5 years, you will get only Rs 11,02,349 as interest and after 10 years your total amount will be Rs 21,02,349. You will have to extend it one more time before it matures. In such a situation, in the 15th year, you will get only Rs 20,48,297 as interest on an investment of Rs 10 lakh. On maturity, you will get Rs 30,48,297. That is, you will get double the interest of your principal and three times the interest of your amount.
Understand the rules of expansion
Post Office 1 year FD can be extended 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 FDs, the post office has to be informed within 18 months of maturity period. Also, you can request account extension even 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.