With interest rates of saving and fixed accounts nose-diving at record lows, many investors are in search of other instruments to grow their money quickly. If you’re looking to invest your money in secure schemes then what can be safer than investing in Post Office schemes. These schemes can offer guaranteed returns which means that you can remain confident of the fact that you are not going to lose any hard-earned money.
Here’s a list of all the investment options offered by the Post Office schemes that can double your money in a few years:
1. Post Office Kisan Vikas Patra
At present, 6.9 percent interest is being given in the post office Kisan Vikas Patra (KVP) scheme. With this interest rate, the amount invested here doubles in 10 years and 4 months.
2. 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.
3. Post Office Recurring Deposit
Post Office is offering a 5.8% interest rate on its Recurring Deposits (RD) scheme. If you invest your money in this scheme, then it’ll get doubled in nearly 12 years 5 months.
4. Post Office Sukanya Samriddhi Account
The Sukanya Samriddhi account scheme of the post office is offering the highest interest of 7.6%. The scheme, which is specially tailored for women of young age, offers an opportunity to double your money in nearly 9 years and 6 months.
5. Post Office PPF
The 15-year public provident fund (PPF) of the post office is currently giving 7.1% interest which will take about 10 years to double your money at this rate.
6. Post Office National Saving Certificate
Post Office National Saving Certificate (NSC) is offering a 6.8% interest rate. It is important to note that this is a 5-year investment scheme that also provides tax benefits. Your investment in this scheme will double in nearly 10 years 7 months.
7. Post Office Senior Citizens Savings Scheme
The Senior Citizen Saving Scheme (SCSS) of the Post Office is currently paying an interest of 7.4% and it doubles your money in 9 years.
8. Post Office Monthly Income Scheme
Currently, Post Office Monthly Income Scheme (MIS) is offering an interest rate of 6.6%. Your invested sum in this scheme will get doubled in 10.91 years.
9. Post Office Saving Bank Account
Post office savings account offers only 4% interest on your investment, and your money will double in 18 years.