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Three saving schemes of post office schemes that double your money, invest immediately

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15th January, 2020 05:27 IST

The post Three saving schemes of post office schemes that double your money, invest immediately appeared first on NewsCrab.

There are many government schemes in India, which people are taking advantage of. Every parent wants to make their child's life successful. In such a situation, if you want to get maximum return on minimum investment, then there are many savings schemes run by the Government of India, where it will be beneficial for you to invest money. Most of these schemes are also available in post offices. Let's know about the three very profitable schemes of the post office.

National Savings Certificate Scheme

The National Savings Certificate of the Post Office means that you can make big profits with the NSC scheme. Investing in this scheme will double your money in just 119 months. At the same time, its most important thing is that you can invest in it with just Rs 100. Along with this, the benefit of tax exemption is also available. The total investment period under this post office scheme is five years. According to India Post, under this scheme, the account opens with a minimum of Rs 100 and under this account can be opened in post office branches across the country. The maximum investment limit is not fixed. After investing Rs 100 in NSC, it becomes Rs 146 after five years. That means it will take 9.11 years i.e. 119 months to double the investment.

Time deposit scheme

The time deposit scheme of the post office can also give investors huge profits. It is like a fixed deposit (FD) of a bank. These include one-year, two-year, three-year and five-year plans. The interest in the scheme will be calculated every quarter. At the end of one year of opening the account, the interest amount will be deposited in your account. The special thing is that even minors above 10 years of age can invest in the scheme. Not only this, there is a benefit of tax exemption under section 80C on a five-year time deposit. It can be opened by cash or check. Meanwhile, one thing you have to keep in mind is that in the event of pre-mature withdrawal, the interest will be calculated on the five-year time deposit account according to the interest rate of the three-year account.

Kisan Vikas Patra

Through Kisan Vikas Patra you can double your money. Interest rates are usually fixed for a quarter. At least any person will have to invest one thousand rupees in KVP. The investment will be in the coefficient of 100. However, there is no maximum investment limit in this scheme. With this, any person can open any number of accounts. The government is running KVP under small savings schemes. The interest received on these changes every three months. At present, the scheme is getting 7.6 percent interest. In the event of premature withdrawal after two and a half years, a person will get Rs 1,173 per Rs 1,000 investment. The amount received after three years will increase to Rs 1,211 and after three and a half years it will increase to Rs 1,251. With time, the amount withdrawn will increase and after nine years and five months the money will double. Kisan Vikas Patra can be purchased from any post office. It can also be purchased by elders in the name of children.

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