Post Office Tips: This scheme of Post Office will give double the interest from the principal..

Like banks, there are many schemes to invest in post offices. Guaranteed returns are also available on post office schemes. Post Office Time Deposit i.e. Post Office FD is one of them. Options of FDs with tenures ranging from 1 to 5 years are available in the post office. The interest rate is different according to the tenure. But if you want to invest money in the post office for the long term, then you can choose the FD option. In this, a 5-year FD can triple your investment. Whatever you invest in it, you will earn double of it just from interest. But for this, you have to do one thing. Let us tell you what is the trick to get double the interest on the principal on post office FD.

Know what you have to do.

To triple your amount in the post office, you have to choose a 5-year FD. Currently, interest is being given on this FD at the rate of 7.5%. You have to invest in this scheme and extend it before it matures. You will have to do this extension 2 times in a row, that is, you will have to run this FD for 15 years.

More than 10 lakh interest on an investment of 5 lakhs

If you invest 5 lakhs in this FD, then according to the interest rate of 7.5 percent, you will get 2,24,974 rupees interest on this amount in 5 years. In this way, the total amount will be 7,24,974 rupees. But if you extend this scheme for 5 years, then you will get 5,51,175 rupees only as interest and after 10 years your total amount will be 10,51,175 rupees. You will have to extend it one more time before it matures. In such a situation, in the 15th year, you will get Rs 10,24,149 only as interest. In this way, after 15 years, you will get a total of Rs 15,24,149 including the principal amount. Meaning, you will get the amount three times, in which you will earn more than double from interest only.

This is how the extension has to be done.

1 year FD of the post office can be extended within 6 months from the date of maturity, 2 2-year FD within 12 months of the 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 for account extension after maturity at the time of opening the account. The interest rate applicable on the respective TD account on the day of maturity will be applicable on the extended period.

How much interest is given on other FDs of post office

Different interest is given to different FDs of the post office. 6.90% per annum interest is given on 1-year FD, 7.00% per annum interest is given on 2-year FD, 7.10% per annum interest is given on 3-year FD, and 7.50% per annum interest is given on 5-year FD.

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