This Post Office scheme can help you turn Rs 5 lakh investment into Rs 15 lakh in 15 years
Post Office savings scheme: Under fixed deposit scheme, investors can park their money in one time for five years and can get better interest than banks.
Every investor wants to increase their savings that too on zero risk. They also look for tax benefits along with good returns. Various Post Office investment schemes have tax benefits under Section 80C and other sections.
Post Office savings scheme with guaranteed returns
In this article, we will discuss one of the Post Office savings schemes that provides good returns and tax benefits.
Post Office term deposit (TD) or fixed deposit (FD)
Under this scheme, investors can park their money at one time for five years and can get better interest than banks.
How can you turn a Rs 5 lakh investment into Rs 15 lakh? And how much time will it take?
Through this scheme, if you want, you can make the amount more than three times, that is, if you invest Rs 5,00,000, you can make it more than Rs 15,00,000. How? Read on.
Know calculations
You will have to invest your money for five years.
Lock-in period
Post Office is providing an interest rate of 7.5 per cent on 5-year lock-in.
Current interest rate
As per current interest rate, you will get Rs 7,24,974 as maturity amount.
Reinvest your money
Don't withdraw this money, lock it for another five years.
What will be the value now?
This way, you will get Rs 5,51,175 as interest in 10 years. The total amount will be Rs 10,51,175.
Rs 5 lakh turns into Rs 15 lakh
To make it Rs 15 lakh, you need to reinvest your money for another five years. In this way, your interest will be Rs 10,24,149 if you reinvest twice under the same scheme. Your total income will be Rs more than Rs 15 lakh.