Along with investing money in the market and banks, people also invest money in different schemes of banks, but the post office is considered to be the safest option for investing money. There are many great schemes to invest money in the post office as well. Not only this, the post office also gives such schemes to the consumers in which the money gets doubled by investing. These schemes are beneficial as well as safe.

Let’s take a look at 9 such schemes of the post office in which the money gets doubled by investing. However, the time to double the money in these schemes is different and depends on the investment.

1. Post Office Sukanya Samriddhi Scheme

The highest interest of 8.20% per annum is available in the Sukanya Samriddhi Scheme of the post office. This special scheme for girls is one of the best schemes of Post Office to double the money.

2. Post Office Senior Citizen Savings Scheme

Post Office Senior Citizen Savings Scheme also offers 8.2% annual interest. This scheme made for senior citizens is one of the best schemes of Post Office in terms of doubling the money.

3. Post Office National Saving Certificate Scheme

Post Office National Savings Certificate Scheme offers 7.7% annual interest. In such a situation, this is also a good scheme to double the money.

4. Post Office Kisan Vikas Patra Scheme

Post Office Kisan Vikas Patra Scheme offers 7.5% annual interest. This is an excellent scheme for farmers to double the money in Post Office.

Also Read: Tech layoffs 2024: Tech companies lay off over 27,000 employees in August, Most people were fired from these companies

5. Post Office Monthly Income Scheme

Post Office Monthly Income Scheme offers 7.4% annual interest. This is also a good scheme to double the money.

6. Post Office PPF Scheme

Post Office Public Provident Fund (PPF) offers 7.1% annual interest. This scheme of post office is also a good scheme for doubling the money.

7. Post Office Time Deposit Scheme The

Post Office Time Deposit Scheme gives 6.9% annual interest and is also a good scheme for doubling the money.

8. Post Office Recurring Deposit Scheme

The Post Office Recurring Deposit Scheme gives 5.8% annual interest. It takes more time for the money to double than the earlier schemes, but this is also a good option.

9. Post Office Saving Bank Account Scheme The

Post Office Saving Bank Account Scheme gives 4% annual interest. It takes the longest time for the money to double, but it is a good scheme.

Related Articles:-

SBI FD schemes: These 5 schemes give huge returns, last date to invest in 2 is this month

Good news for the employees of this state, they will get insurance up to Rs. 1 crore without any premium

FD Rates: Bank of Baroda has increased the interest rates on FD, check interest rate

The post Double Your Money: 9 schemes are available in Indian Post Office to double your money first appeared on Rightsofemployees.com.

Post Office offers excellent schemes for small depositors. Investors get high interest rate here. Retail investors are more attracted towards it because of the guaranteed returns. The government promises security on all the schemes of India Post, due to which investors with fixed returns have faith in it.

Apart from this, tax benefit is available under section 80C on investment. Many post office schemes are completely tax free. Meaning, there is zero tax on the net return. Let us know about 5 such schemes of India Post which double the money of investors. Know in which scheme the money will double in how many days.

National Savings Certificate

The name of this scheme of India Post is National Savings Certificates. National Savings Certificate gives a return of 6.8%. At least 1000 rupees have to be invested. It will be Rs 1389 after five years. In this scheme, your money will double in 10 and a half years. By the way, this scheme matures in 5 years. In such a situation, after 5 years, when Rs 1389 can be reinvested.

Sukanya Samriddhi Yojana

Currently, 7.6 percent interest is being received in Sukanya Samriddhi Yojana. A maximum investment of Rs 1.5 lakh and a minimum of Rs 250 can be made in a financial year. Annual compound interest is available on this scheme. This post office scheme will double your money in nine and a half years i.e. 113 months. By the way, after 21 years of investing in this scheme, the benefit of maturity is available.

Kisan Vikas Patra

Presently 7 percent return is available on Kisan Vikas Patra. You can invest at least Rs 1000 in this ski in a financial year. Thereafter investment can be made in multiples of 100. It does not have a maximum limit. In this scheme your money will double in 123 months.

Senior Citizen Saving Scheme

The interest rate of Senior Citizen Saving Scheme ie SCSS is 7.6 percent. In this scheme lump sum money is deposited. A minimum of Rs 1000 and a maximum of Rs 15 lakh can be invested. In this scheme, your money will double in nine and a half years i.e. 113 months. The maturity of this account is completed in 5 years. Interest is paid every quarter in this scheme.

Public provident fund

Public Provident Fund is getting a return of 7.1 percent. A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be deposited in a financial year. Investment can be made in lump sum or in installments. Interest is compounded annually. This scheme will double your money in 122 months.

The post Post Office Top 5 Plans: These 5 post office schemes will double your money, know which scheme takes how much time first appeared on Rightsofemployees.com.

Know what is the Rule of 72 Rule of 72 is considered very important from investment point of view. Most of the experts consider this to be a precise formula, through which it is decided that in how many days your investment will double. To know how much interest you will get annually in a scheme, you have to divide that interest by 72. This lets you know how much time your money will double.

Understand by example

You must have seen that many people keep their deposits lying in the bank account because they believe that annual interest will continue to be earned on it. But only 4 percent interest is available on the savings account. If we divide 72 by 4, the sum of 18 will come out i.e. in 18 years your money will be double. On the other hand, if we talk about fixed deposits, then the interest is 5 to 6 percent. Similarly, State Bank of India’s 10-year fixed deposit has an interest rate of 5.40%. In such a situation, in 72/5.40=13.33 years, that is, in 13.33 years, your amount will double.

It will be easier to choose the best scheme On the basis of this formula, you can understand which scheme is better for you. As explained to you in the example, fixed deposit is a better option as compared to savings account. Similarly, if you are investing in any other scheme, then compare it with other schemes using this formula. This will give you an idea of ​​which scheme can give you double the money in how much time. In most cases, this rule gives an almost accurate figure. However, there may be a slight difference in the result.

The post Rule of 72: Which scheme will double your money in how many days, calculate with this one formula first appeared on Rightsofemployees.com.