Under this scheme of the post office, interest is being given at the rate of 7.5 percent per annum. This scheme run by the Government of India is a lump sum investment scheme, under which interest is revised on a quarterly basis.
People often plan to invest in secure schemes so that they can get more money in the long term and also get the benefits of interest, income tax etc. Today we are telling you about a scheme which will also give the benefit of interest and your invested amount will double. This scheme is linked to the post office. This scheme of the post office gives you guaranteed income. Also, the risk is also negligible because this scheme is run by the government.
This scheme of the post office is Kisan Vikas Patra (KVP). Currently, annual interest of 7.5 percent is being given under this scheme. Kisan Vikas Patra is a lump sum investment scheme run by the Government of India, under which the interest is revised on a quarterly basis. In this scheme, you can double the money within a fixed period. You can open an account through the post office to invest in this scheme.
Money will double in 115 months
Under the Kisan Vikas Patra Yojana (KVP) of the post office, the minimum investment can be Rs 1000. However, if you want to invest more, you can invest as much as you want. This scheme gives a return at the rate of 7.5 percent per annum. Last year in April 2023, its interest rates were increased from 7.2 percent to 7.5 percent. Earlier it took 120 months for the money to double in this scheme, but now the money will double in just 115 months i.e. 9 years and seven months.
6 lakhs will become 12 lakhs
If you invest 6 lakhs in this scheme, then at the rate of 7.5 percent per annum, the money of 6 lakhs will become 12 lakhs. According to the calculation, you will have to wait for 115 months for the money to double. That is, your money will double in 9 years and 7 months. On the other hand, if you invest a lump sum of 7 lakhs, then this amount will become 14 lakhs in this period.
Can you also open a joint account?
If you want to open an account under this scheme, then Kisan Vikas Patra account can be opened in single and joint. Under this scheme of the post office, three people can open a joint account together. However, adding a nominee is mandatory under this scheme. You can also close this account after 2 years and 6 months if you want.
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