Post Office Kisan Vikas Patra Scheme: Post Office Kisan Vikas Patra Scheme is very popular as a scheme that doubles the invested amount with strong returns. The special thing is that in this you get the benefit of interest on interest also.
Many types of small saving schemes are being operated in the Post Office, which are very popular among their investors with tremendous benefits. These include the Kisan Vikas Patra scheme, in which investors are guaranteed to double their money. If you are planning to invest these days, then you can choose Kisan Vikas Patra as an option. The government is offering more than 7 percent interest on this scheme.
Great returns with safe investment
Everyone wants to save some of their earnings and invest it in a place where their money is not only safe but also gets excellent returns, in this case small saving schemes of post office are becoming a good option. Talking about Kisan Vikas Patra Scheme, under this the government is giving a handsome interest of 7.5 percent. You can start investing in this scheme with Rs 1000.
You can invest with Rs 1000
There is no limit on maximum investment in Kisan Vikas Patra Scheme, that is, you can invest as much as you want and avail benefits. After starting investment from Rs 1000, you can invest in multiples of Rs 100. The special thing is that you can also invest in this scheme by opening a joint account. Along with this, nominee facility is also available in Kisan Vikas Patra. In this, children above 10 years of age can also open a KVP account in their own name.
Money will double in 115 months
Now let’s talk about the formula for doubling your money under this scheme, for this you will have to invest for 9 years and 7 months. That means, if you invest Rs 1 lakh in Kisan Vikas Patra Scheme for 115 months, then during this period this amount will become Rs 2 lakh. Whereas if you invest Rs 5 lakh in it, you will get Rs 10 lakh. According to the information available on the post office website, interest on the amount invested in Kisan Vikas Patra is calculated on compounding basis. That means you earn interest on interest also.
Earlier, under this scheme, it took 123 months for the money to double, which was reduced by the government to 120 months at the beginning of this year i.e. in January 2023 and a few months later, in order to provide more benefits to the investors, this tenure was reduced. It was 115 months.
Can KVP account be opened like this?
It is very easy to open an account for Kisan Vikas Patra Yojana. For this, the application will have to be filled in the post office along with the receipt and then the investment amount will have to be deposited in cash, check or demand draft. You will also have to attach your identity card with the application. Kisan Vikas Patra is a small savings scheme. Every three months the government reviews its interest rate and makes changes as per requirement.
