Post Office Investments include a number of saving schemes that provide a high rate of interest as well as tax benefits and most importantly, carry the sovereign guarantee of the Indian Government. This means your money will not be lost. Let us tell you about the post office savings schemes and their interest rates.
1. Post Office Time Deposit
Post Office offers Time Deposit (TD) for an investment period of 1-3 years. Currently, Post Office is offering 5.5% interest rates on Time Deposits. If you invest in this scheme, then your invested sum will get doubled in 13 years.
You can also invest in this scheme for 5 years, in which you can get an attractive interest rate of 6.7%. If you opt for 5 year Time Deposit, then you will investment will double in nearly 10 years and 9 months.
2. Post Office Savings Bank Account
If you invest in Post Office Savings account, then your money will get doubled in nearly 18 years, as the investment option offers only a 4% interest rate.
3. Post Office Recurring Deposits
At present, 5.8% interest is being paid on the Post Office Recurring Deposits (RD) scheme, so if the money is invested with this interest rate, it will double in about 12 years 5 months.
4. Post Office Monthly Income Scheme
At present, 6.6 percent interest is being paid on the Post Office Monthly Income Scheme (MIS). If the money is invested with this interest rate, it will double in about 10.91 years.
5. Post Office Senior Citizen Saving Scheme
At present, 6.8% interest is being offered on the National Saving Certificate (NSC) of the Post Office. This is a 5-year savings scheme, that also provides tax benefits. Your investment in this scheme will double in nearly 10 years 7 months.