Kisan Vikas Patra Scheme of Post Office
Money invested in Kisan Vikas Patra becomes double: Post office has many good savings schemes.
Very good interest is given here. But the post office has only one savings scheme which doubles the money. Neither any bank has such a scheme, nor anywhere else.
Another advantage of investing in the post office is that the money deposited here is completely safe. That is, if money is deposited in the post office scheme, then the Government of India guarantees it.
It simply means that the Government of India has a guarantee to return the deposited money with interest. But the guarantee is not available on the money deposited in the banks of the country.
Whether this bank is government or private. Only money deposited in the country’s banks up to Rs 5 lakh is safe.
Kisan Vikas Patra Doubles the Money Invested
There are many deposit schemes with the post office. Very good interest is being given in these schemes. One of these schemes is Kisan Vikas Patra (KVP). Whatever money is deposited in this scheme, it gets doubled directly.
In How Much Time Money Becomes Double
Presently 7 percent interest is being given on Kisan Vikas Patra (KVP). If money is deposited in this scheme, it doubles in 123 months. 123 months means 10 years and 3 months.
The post office calculates the interest in an annual compounded manner.
Detail of Kisan Vikas Patra
If you want to invest in Kisan Vikas Patra (KVP), then you have to deposit a minimum of Rs 1000. If you have to deposit more than Rs 1000, then it is completely exempted.
That is, any amount of money can be deposited in Kisan Vikas Patra. Just this money should be in multiples of 100 rupees after 1000 rupees.
This investment can be done singly or in joint name. While there is no maximum limit on investment, people can take more than one KVP. That is, any number of Kisan Vikas Patras of any amount can be taken.
Interest of Other Post Office Schemes
- Post Office Savings Account 4.0%
- Post Office Recurring Deposit 5.8%
- Post Office Monthly Income Scheme 6.7%
- Post Office Fixed Deposit (1 year) 5.5%
- Post Office Fixed Deposit (2 years) 5.7%
- Post Office Fixed Deposit (3 years) 5.8%
- Post Office Fixed Deposit (5 Years) 6.7%
- Public Provident Fund (PPF) 7.1 percent
- Sukanya Samriddhi Yojana 7.6 percent
- National Savings Certificate 6.8%
- Senior Citizen Savings Scheme 7.6%
Disclaimer: These interest rates are currently applicable, but the Finance Ministry reviews them every three months and can also make changes. But once the money is deposited in KVP, its interest does not change in between.
