Kisan Vikas Patra Scheme: Currently there are many investment instruments available for us to invest. Despite the number of bank fixed deposits, stock market and mutual funds, many people invest in post office schemes for guaranteed returns. Now let’s look at a scheme that doubles money in 115 months i.e. in less than ten years.
KVP Interest Rate: People know the need for money in the post-Covid period. That is why they tend to save at least some amount of what they earn and invest it. There are mutual funds including stock markets to invest. These include cost risk. Good returns can be received in the long run. Besides bank fixed deposits, recurring deposits, RBI bonds, post office schemes supported by the central government are also well received. There is an opportunity to invest small amounts in these. Guaranteed returns will come. The center is guaranteed. Gives good profits. That means you can get good returns without any risk. Now let’s look at the post office scheme that doubles your money in no time. Same Kisan Vikas Patra.
Currently, the Kisan Vikas Patra scheme has an interest rate of 7.5 percent. Interest is calculated on an annual basis. Compound interest applies. As per current interest rate.. in this scheme your investment will double in exactly 9 years 7 months or total 115 months. In this, the interest rate is adjusted by the center once every 3 months. It can increase or decrease. or may be fixed.
Money double means you now have Rs. 50 thousand invested in Kisan Vikas Patra scheme.. in 115 months it will be Rs. becomes one lakh. That means Rs. 50,000 can get the same profit again. This can be done by going to the post office or banks and opening the account. Single adult or joint account can also be opened. Maximum three people can open account together under joint account.
In this scheme at least Rs. 1000 can be invested. There is no upper limit. That means you can invest as much money as you want. This interest rate increased from 7.20 percent to 7.50 percent during April last year. Earlier it used to take 120 months for the money to double in this scheme. The same now comes to 115 months.
This account can be closed earlier than the tenure in certain special circumstances. Applicable in case of death of one or all under single account holder or joint account. The account can be closed even after two and half years of opening the deposit.
For example Rs. If you invest 5 lakhs.. your money will be Rs 10 lakhs in 9 years and 7 months at the rate of 7.5 percent interest per annum. Don’t forget to add nominee under this scheme.
Read also: Fixed Deposit: The country’s largest bank took a big decision on…
