All you need to Know about Post Office Schemes that let you Double the Money | Which Post Scheme is Best for Money Double?

Post Office Scheme to Double the Money: India is a growing country, and our economy is growing along with it. As a result, we can’t save our money at home or in a locker because the value of our money will depreciate over time due to inflation. To avoid this trap, there are many investment schemes run by various companies in various sectors such that our money can grow in line with inflation.

• What is an Investment and What are the Benefits of Investment?
• Saving Post Office Scheme to Double the Money
• Post Office Time Deposit
• Savings Account at the Post Office
• Post Office Recurring Deposit
• Post Office Senior Citizens Savings Scheme
• Post Office Sukanya Samriddhi Yojana
• Post Office National Saving Certificate
• Post Office Kisan Vikas Patra
• FAQ’s on How many Years Money will Double in Post Office
• Conclusion

What is an Investment and What are the Benefits of Investment?

We should all learn about investing because it is one of the most significant things in our lives. An asset acquired or invested in to grow wealth and save money from hard-earned income is referred to as an investment. The primary goal of an investment is to earn an additional source of income or to benefit from the investment over some time.

These are some of the advantages of investing:

1. You can stay ahead of the inflation curve.
2. Investing Can Assist You in Building Wealth…
3. Investing Will Help You Retire (Or Retire Early)…
4. Investing Can Save You Money on Taxes.
5. Invest to achieve other financial objectives.

Advantages of Post Office Investments

Yes, post office investments are beneficial because no TDS is required on interest on post office RD accounts; but, income is taxable in the hands of investors according to their Slab. Furthermore, post office investments are low-risk investments that provide a high-interest rate.

Post office schemes are simple to enroll in and require minimal documentary evidence due to the simple procedure. Additionally, because post offices are located throughout the nation, this arrangement is best suited for rural and urban investors. The interest rate on a post office savings account increases from 4% to 8%, which is risk-free and competitive with banks.

Saving Post Office Scheme to Double the Money

The Postal Service is one of India’s oldest institutions, having been founded in 1854 during the British era with the main aim of completing mail. As the organization grew, it began to offer other financial services such as banking, insurance, and investment. The most significant advantage of these plans is the government’s sovereignty assurance. A variety of schemes, such as the Post Office Savings Account, are currently in operation.

• Recurring deposit account at the National Savings.
• Monthly income account with National Savings.
• Account for senior citizens.
• A public provident fund account
• A certificate of national saving
• Sukanya Samriddhi and Kisan Vikas Patra accounts.

There are other others as well.

Here are some plans or strategies that could assist us in doubling our money in a short period.

Post Office Time Deposit

5 % annual income is currently paid on one-year through three-year Post Office Time Deposits (TDs). If you invest in this, your money will nearly quadruple within thirteen years. A 5-year time deposit, on the other hand, pays 6.7 percent. Your money will double in about 10.75 years if you invested it at this pace.

Savings Account at the Post Office

If you put your money in a recurring deposit plan, you may have to wait for a long time for it to double. Because the rate of interest is only 4.0 percent, your money will double in 18 years.

Post Office Recurring Deposit

The current rate of interest on a Post Office recurring deposit account is 5.8%, and if you invest at this rate for 12.5 years, your money will double.

Post Office Senior Citizens Savings Scheme

The Post Office Senior Citizen Savings Scheme (SCSS) now pays 7.4 percent interest. Throughout this technique, your investment will have doubled in 9.73 years.

Post Office Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is one of the most beneficial investment schemes for women. One girl kid is entitled to hold a Sukanya Samriddhi Yojana membership. At 7.6 percent, the post office now has a higher interest rate. It will take around 9.47 years to double the money in this girls’ scheme. A girl’s maximum age should not exceed ten years.

Some benefits of sukanya samriddhi yojana –

• Doesn’t require a large number of opening fees.Need a small amount of INR 250 for account opening.
• The tenure of this scheme is 15 years,so after 15 years you will get a good amount of impressive interest.
• It is a good investment scheme for girls.
• Only the deposits in the account were eligible for a tax deduction under Section 80C of the Income Tax Act at the time of launch, which was set at $150,000 in 2015-16.

Post Office National Saving Certificate

The national saving certificate program of the Postal Service offers an annual rate of return of 6.8%. This is a 5-year savings plan that allows us to invest while also reducing our tax liability. It will take approximately 10.5 years to almost double the capital in this investment scheme. Given the fragility of the Indian banking sector, this post office scheme has the potential to help you accumulate significant money. This post office structure does not necessitate additional documentation, and it is much more secure because it is guaranteed by the government.

Some benefits of The national saving certificate –

• Investment for the long term.
• The income under the scheme is tax-free except for the income earned in the final year.
• the comfortable interest rate in this inflationary environment.

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Post Office Kisan Vikas Patra

In 1988, India Post established the Kisan Vikas Patra, a minor semi-certificate scheme. According to the most recent update, the scheme’s duration is 4 years and 10 months. The lowest investment amount is Rs. 1000, and there is no higher limit; if you invest a lump sum amount now, you would receive twice as much at the end of the 124th month. KVP is a good option for high-risk individuals with extra cash that they may not need shortly. It all depends on your profile and goals.

Some benefits of Kisan Vikas Patra yojna

• Important policy for farmers to generate wealth for their future.
• Returns are guaranteed because the KVP certificate is supported by the government.
• Long-term wealth building as a Kisan Vikas Patra allows you to invest for nearly ten years and double your money.
• KVP is a versatile investment product because it has no upper limit.

FAQ’s on How many Years Money will Double in Post Office

1. Name the different kinds of post office schemes which can help us to double the money?

• Sukanya Samriddhi Yojana
• Kisan Vikas Patra
• National saving certificate Yojana.

2. Is investing in a post office a good idea?

Yes, it is safe because Postal Service investments are backed by the Indian government’s sovereign guarantee. All of these schemes are tax-free up to a certain point, and some, like PPF and Sukanya Samridhi Yojna, also offer tax benefits on returns.

3. Which is safer a bank or a post office?

In terms of security, post office schemes are unquestionably superior. When contrasted to banking, the risks are substantially lower for people wishing to invest for the long term. The fundamental advantage of the post office is that the integrity and money are guaranteed by the government; if some ambiguity develops, the government will be held directly responsible.

Conclusion

If we follow the logic of the preceding article, the post office is one of the safest and most convenient places to invest, with high-interest rates and security. In this article, we’ve looked at a few alternative ways to double your money. At a given point in time. Sukanya Samriddhi Yojana, Kisan Vikas Patra Yojana, and the national saving certificate policy are some of the programs. Sukanya Samriddhi Yojana is specifically for females, whereas Kisan Vikas Patra Yojana is only for farmers, and the national saving certificate, like PPF, provides high-interest rates to rural and urban populations.