If you are looking at long-term investment options that are safe, secure, and yet deliver good interest rates, post office schemes are the best for you. It is the best option for someone when they want their money to be invested in a safe and secure place. The central government has also not any changed in the interest rates of the small savings scheme for the September quarter amid the pandemic.
Let's look at all the savings schemes of the post office, in which if you invest money, then the amount soon will be double.
1. Post Office savings account - The interest rate for post office savings accounts 4%, which means the investment amount will double in 18 years.
2. Post Office Time Deposit (TD) - If you invest in this Post Office scheme for 1-3 years, you will get an interest rate of 5.5%. That means, the amount will double in nearly 13 years. In this scheme, the interest rate is 6.7% on the investment for 5 years. At this interest rate, your money will double in nearly 10.75 years.
3. Post Office Recurring Deposit - Currently, the interest rate on Post Office RD is 5.8%. So if you invest money at this rate, the amount will double in nearly 12.41 years.
4. Post Office Monthly Income Scheme (MIS) - In this scheme, the interest rate is 6.6%, so if you invest your money through this scheme, the amount will double in 10.91 years.
5. Post Office Senior Citizen Saving Scheme (SCSS) - This scheme is available for senior citizens, for saving 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) comes with a locking period of 15 years and for Post Office PPF, the current interest rate is 7.1%. This means, your money will double in 10.14 years.
7. Post Office Sukanya Samriddhi Account scheme - This scheme is for girls and it has the highest interest rate at 7.6%. If you invest money for your daughter via this scheme, the amount will double in 9.47 years at this interest rate.
