Post offices schemes: Investing ₹5,00,000 will get more than ₹15,00,000, check the complete details of the scheme

Post offices run FD schemes with tenures of 1, 2, 3 and 5 years. To triple your money, you need to invest in a 5-year FD. Know how you will get your money back after tripling it.

Post offices FD schemes: If you want to invest for the long term, but do not want to take any kind of risk on your investment, then invest in Post Office FD. Through this FD, you can easily multiply your investment up to 3 times. FD schemes of 1, 2, 3 and 5 years tenure are run in the post office. To triple the amount, you have to invest in 5-year FD. 7.5 percent interest is being given on 5-year FD. Along with this, you also get tax benefit under Income Tax Act 80C.

Know how the amount will be tripled

By investing in a 5-year FD of the post office, you will have to extend this FD before it matures. You will have to do this extension 2 times in a row, which means you will have to run this FD for 15 years. If you invest Rs 5 lakh in this FD, then at the rate of 7.5 percent interest, you will get Rs 2,24,974 interest on this amount in 5 years. In this way, the total amount will be Rs 7,24,974.

But if you extend this scheme for 5 years, then in 10 years you will get Rs 5,51,175 only as interest and after 10 years your total amount will be Rs 10,51,175. You will have to extend it once more before it matures. In such a situation, on the 15th year, you will get Rs 10,24,149 only as interest on an investment of Rs 5 lakh. In this way, you will get Rs 15,24,149 on maturity. In this way, your deposited amount will be returned three times.

Understand the rules of extension

Post Office 1 year FD can be extended within 6 months from the date of maturity, 2 year FD within 12 months of maturity period and for extension of 3 and 5 year FD, the post office has to be informed within 18 months of maturity period. Apart from this, you can also request account extension after maturity at the time of opening the account. The interest rate applicable to the respective TD account on the day of maturity will be applicable for the extended period.

The post Post offices schemes: Investing ₹5,00,000 will get more than ₹15,00,000, check the complete details of the scheme first appeared on informalnewz.

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