Post Office Time Scheme : Public sector, private and small finance banks have fixed deposit schemes as well as post offices have time deposit schemes.
These plans are available in 1, 2, 3 and 5 year terms. Also, post office offers good interest on 5 year tax free FD. If you invest money in this scheme, it will double in few years. Let's see what are the interest rates of Post Office FD and how much can be doubled with it.

Time Deposit Interest Rate

One year account – 6.9% annual interest
Two year account – 7.0% annual interest
Three year account – 7.1% annual interest
Five year account – 7.5% annual interest

How to double investment?

In this time deposit scheme you have to invest for 5 years initially. After that the investment should be extended for another 5 years.
When you deposit Rs 5 lakh in a postal fixed deposit for 5 years, you will get Rs 2,24,974 as interest at 7.5 per cent interest rate, according to the Post Office Time Deposit Calculator.

10 lakhs returned

That means after 5 years this amount will be 7,24,974. But when this amount is recalculated for the next 5 years, at an interest rate of 7.5 percent, the interest will be Rs.3,26,201. Adding Rs.7,24,974 + Rs.3,26,201 gives a total of Rs.10,51,175. Notably, this way, you will get Rs.10,51,175 at maturity.

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