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If you are looking for such an option for those investments in which your money grows fast and there is no risk, then you should invest in post office FD.
Post office FD is also called time deposit. In Post Office Time Deposit, you can deposit money for 1,2,3 and up to 5 years. At present, if you invest money in the time deposit scheme of the post office for 5 years, then you will get interest at the rate of 7.5 percent.
Suppose you invest Rs 5,00,000 in a post office FD, then after 5 years at the rate of 7.5% you will get Rs 2,24,974 as interest on it. Including principal and interest on maturity, a total of Rs 7,24,974 will be received.
But if you want to double this amount, then you do not need to withdraw this amount after maturity, rather you have to fix it again for 5 years. After 5 years, according to the current interest rate, an interest of Rs 3,26,201 will be added to it. In this way, you will get only Rs 5,51,175 as interest on an investment of Rs 5 lakh and after 10 years you will get a total of Rs 10,51,175.
This is the current interest rate per annum
Fixed for 1 year – 6.8%
Fixed for 2 years – 6.9%
Fixed for 3 years – 7.0%
Fixed for 5 years – 7.5%
(pc rights of employees)
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