Double your money in a few years, here’s how
In relief, the government kept interest rates on small savings plans unchanged for the September quarter. The Post operates many savings programs and the most important thing about these programs is that there is a government guarantee. In other words, your money will be safe.
We are going to tell you about some postal savings plans. We will tell you how long it will take for your money to double if you invest money in these plans.
1. Term deposit at the post office
The 1 year to 3 year post office (TD) term deposit currently receives 5.5% interest. If you invest in it, your money will double in about 13 years. Likewise, you get 6.7% interest on a 5-year term deposit. If money is invested at this interest rate, your money will double in about 10.75 years.
2. Postal savings account
If you keep your money in a postal savings account, you may have to wait a long time for the money to double. Because it only earns 4.0% interest per year, that is, your money will double in 18 years.
3. Post monthly income scheme
The Post Office Monthly Income Scheme (MIS) currently gets an interest of 6.6%, if the money is invested at that interest rate it will double in about 10.91 years.
4. La Poste Seniors Savings Plan
The Swiss Post’s Savings Plan for the Elderly (SCSS) currently benefits from a participation of 7.4%. Your money will double in this plan in about 9.73 years.
5. PPF post office
La Poste’s 15-year Public Provident Fund (FPP) is currently earning 7.1% interest. In other words, it will take around 10.14 years to double your money at this rate.
6. Sukanya Samriddhi Postal Account
The Sukanya Samriddhi account system currently gets the highest interest rate of 7.6%. In this program for girls, it will take about 9.47 years to double the money.