Post Office Scheme | You will get profits every month! How to double your money in 5 years

Post Office Scheme | Post Office Monthly Income Scheme (POMIS) is one of the highest government investment schemes. Investors of all age groups prefer to invest in this scheme because it is a great option for guaranteed fixed income. On investing in this scheme, we get money credited to the investor’s savings account every month.

Post Office Scheme MIS benefit

Another advantage of this scheme is that one is that you are getting guaranteed returns every month, a fixed income is coming, secondly, your principal amount, which is the principal, will be safe in the government scheme. And when your investment matures in five years, you will get your entire principal back.

Post Office Scheme to double the money

You can take double benefit on the interest you get on your savings account. You can earn more on it by opening a recurring deposit than the interest you get every month under the monthly income scheme.

The 6.9% interest on a one-year RD is compounded every quarter, i.e. you get interest on interest i.e. profit on profits.

This means that if you have invested Rs 4.5 lakh in the Post Office Monthly Scheme, then you will get interest under this scheme on maturity, but you will also get interest on the investment of Recurring Deposit, i.e. double benefit.

Post Office Scheme Calculator

Investment of 5 lakhs (principal) + [3,083 (interest will be received every month) x 60 months] = 6,84,980

(5,00,000 + 1,84,980 interest)

Recurring deposit for 60 months (5 years) (at interest of 6.9%)

Investment of Rs 3,083 every month in 60 months i.e. 3,083 x 60 = 1,84,980

1,84,980 + 36,204 (earning from interest) = 2,21,184

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