If you deposit money in post office FD for 10 years, then you can more than double your amount. At present, interest is being received at the rate of 7.5 per cent on 5-year FD.
If you are looking for an investment option where your money remains secure and you also get better profits, then FD has always been a good option for this. FD i.e. Fixed Deposit, you will get this option in all the banks. But if you want, this time you can try Post Office FD instead of bank.
Post Office FD is called Post Office Time Deposit. You get the option of FD for 1, 2, 3 and 5 years in the post office. If you deposit money in it for 10 years, then you can more than double your amount. At present, interest is being received at the rate of 7.5 per cent on 5-year FD.
Know how to make more than double money
At present, interest is available on post office FD at the rate of 7.5 percent. Suppose you deposit Rs 5 lakh in the post office, then at the rate of 7.5 percent you will get interest of Rs 2,24,974 lakh on it. In this way, in 5 years your amount will become Rs 7,24,974. Now if you deposit it again for 5 more years, then this amount will mature to Rs 10,51,175, which is more than double.
Interest on FD of one to five years
- Fixed for 1 year – 6.9%
- Fixed for 2 years – 7.0%
- Fixed for 3 years – 7.0%
- Fixed for 5 years – 7.5%
