Want to double your money? Invest in these post office schemes

If you want to invest money and want some risk-free returns, then government-run savings schemes can work for you. Apart from banks, post offices also offer several savings schemes that can help you build a corpus with small investments. If you do not have a high risk appetite, you can invest in savings schemes like National Savings Certificate (NSC), Sukanya Samriddhi Yojana, Senior Citizen Savings Scheme (SCSS) and Kisan Vikas Patra (KVP).

These savings schemes have the potential to double your money in the long run. Most of these programs are offered by post offices across India, and can be availed at any local post office.

Farmer Vikas Patra (KVP) Return

Investment in Kisan Vikas Patra will be doubled in ten years and four months (124 months). If you invest Rs 2 lakh in KVP scheme today, you will get Rs. 4 lakhs in 124 months. The Kisan Vikas Patra scheme currently offers an interest rate of 6.9 per cent, which is higher than the returns on fixed deposits offered by many banks.

National Savings Certificate (NSC)

Currently, the National Savings Certificate offers an interest rate of 6.8 per cent. If the government maintains the current rate, your investment in NSC will almost double after 10 years. You will need to renew your investment after the fifth year, as the maturity period of the scheme is five years. If you invest Rs 2 lakh in NSC, you will get Rs 2,77,898 after five years. Now if you deposit the entire maturity amount for the next five years, you will get Rs 3,86,140 in the tenth year.

Senior Citizen Savings Scheme (SCSS) Maturity

This savings scheme is open only to elderly people above the age of 60 years. Senior Citizen Savings Scheme gives 7.4 per cent return on investment. If you invest Rs 2 lakh, you will get Rs 2,74,000 in five years at the current rate. After five years of reinvestment you will get Rs 3,75,000. Your investment of Rs 2,00,000 will almost double in 10 years.

read all latest business news Here