If you are looking for long-term investment options that are safe and secure, yet still deliver good interest rates, postal systems are the best for you. It is the best option for someone who wants to keep their money in a safe place. In the midst of the pandemic, the central government has also not changed the interest on the small savings plan for the September quarter.
Let’s look at all of the Post’s savings plans that if you put money into it, the amount will soon be doubled.
1. Postal savings account – The interest rate for postal savings accounts is 4%, which means that the investment amount will double in 18 years.
2. Post Office Time Deposit (TD) – If you invest in this Post Office program for 1-3 years, you will receive an interest rate of 5.5%. That said, the amount will double in almost 13 years. With this arrangement, the interest rate is 6.7% of the investment for 5 years. At this rate, your money will double in almost 10.75 years.
3. Post Office Recurring Deposits – Currently the Post Office rate is RD 5.8%. So if you invest money at this rate, the amount doubles in nearly 12.41 years.
4. Post Office Monthly Income Scheme (MIS) – This program has an interest rate of 6.6%. So if you invest your money through this program, the amount will double in 10.91 years.
5. Post Office Senior Citizen Saving Scheme (SCSS) – This program is available to seniors to save their money. The current interest rate for this is 7.4%. So the money invested at this rate will double in nearly 9.73 years.
6. Post Office PPF – Public Provident Fund (PPF) has a 15 year lock-up period and the current interest rate for Post Office PPF is 7.1%. That means your money will double in 10.14 years.
7. Sukanya Samriddhi Post Office Account Scheme – This scheme is for girls and has the highest interest rate of 7.6%. If you invest money for your daughter through this system, the amount doubles in 9.47 years at this interest rate.
