Which scheme is best in post office?
Some of the popular Post Office Schemes with the maximum interest rates are Sukanya Samriddhi Scheme, Senior Citizen Savings Scheme, Public Provident Fund Scheme, Kisan Vikas Patra, and National Savings certificate scheme.
Is investment in post office safe?
The deposited money remains safe as the government provides security. Availing the FD facility in post office banks is very easy. According to the postal department, a user can avail the FD facility with 1,2, 3 and 5 years of maturity. … Government of India guarantee is given on FD in the post office.
What is the interest of 1 lakh in post office?
India Post Office FDs have tenures ranging from 3 years 1 day to 5 years with maximum rate of interest of 6.70%.
India Post Office Fixed Deposit Interest Calculator.
|Tenure||Rates||Maturity Amount for ₹ 1 Lakh|
|7 days to 1 year||5.50% to 5.50%||₹ 1,00,105 – ₹ 1,05,614|
Which scheme is best in post office in 2021?
Post Office Interest Rate Table 2021
|Scheme||Interest Rate (% p.a)||Best for|
|Post Office Time Deposit Account (TD)||5.5||Small savings|
|Post Office Monthly Income Scheme Account (MIS)||6.6||Small savings|
|Senior Citizen Savings Scheme (SCSS)||7.40||Retirement|
|Public Provident Fund Account (PPF)||7.10||Risk-averse investors|
Can I double my money in 5 years?
Double Money in 5 Years
If you want to double your money in 5 years, then you can apply the thumb rule in a reverse way. Divide the 72 by the number of years in which you want to double your money. So to double your money in 5 years you will have to invest money at the rate of 72/5 = 14.40% p.a. to achieve your target.
Which is better MIS or FD?
The cash flow earnings from an MIS can vary over time as the earnings vary with market fluctuations. So, if you are looking to get surety in terms of interest, an FD is right for you. If you are open to ups and downs in the money you make, choose an MIS.
How many years money will double in Post Office?
Here your investment will double in 124 months. If you invest Rs 5 lakh in a lump sum, you will get Rs 10 lakh on maturity. The minimum investment in this scheme is Rs 1,000. You get this in the form of a certificate, in which certificates up to Rs 1,000, 2,000, 5,000, 10,000 and 50,000 are given.
How much money can be deposit in Post Office?
Single account holders can deposit a maximum of Rs one lakh while joint account holders can deposit a maximum of Rs two lakhs. One of the main features of a Post Office savings account is that there is no lock-in or maturity period.
How can I get high interest on my money in India?
When investing in FD, you deposit a fixed sum of money for a specified period and earn interest at a fixed rate of return. However, if you’re looking for higher interest rates, choose to invest in FDs that offer high-interest rates and greater flexibility in terms of tenor and frequency of periodic interest payouts.
How can I double my money?
Here are five ways to double your money.
- 401(k) match. If your employer offers a match for your 401(k) contributions, this can be the easiest and most guaranteed way to double your money. …
- Savings bonds. …
- Invest in real estate. …
- Start a business. …
- Let compound interest work its magic.