Investing in the post office schemes will get double the return on savings account.

The post offers more post office than the bank on this scheme

We are talking about, a small saving scheme RD or a parking deposit. There are also RD schemes in many banks, but there is more interest in the Post Office than the other bank. On the one hand, SBI, Dena Bank, Bank of Baroda, Canara Bank, Allahabad Bank and Andhra Bank are giving interest rates from 6.5% to 7% on a 5-year-old RD. Also, the post office, 1 year to 5 year RG scheme is getting 7.10 percent annual interest.

The FD is getting similar to the Interest

There is another medium bank FD for secured investment, where you get more interest, but you have to pay a large amount for a long time together. When you post a small amount in a post office, you can get the same amount of interest as a FD by depositing each month. In this case, the easiest way to get double interest on the savings account is by having a parking deposit.

Read Source Gujarati