If you want to invest your hard-earned money in such an investment where there is security of money and strong returns are also available, then the Kisan Vikas Patra Scheme of the Post Office is a great option for you. In this scheme, the government itself guarantees the investment, so there is no risk in it. This is the reason why this scheme remains the first choice of investors in today’s time.
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Start with just Rs 1000
The biggest feature of this scheme is that investment in it can be started with just Rs 1000. The minimum amount is fixed, but there is no limit on further investment. That is, you can invest as much as you want according to your capacity and need. Because of this, this scheme is the center of attraction for everyone, from small investors to big investors.
Great interest of 7.5 percent
Currently 7.50 percent annual interest rate is available in this scheme of the Post Office. This interest is added on the basis of compounding, due to which the investment amount increases rapidly. The maturity period of this scheme is 115 months, i.e., about 9 years 7 months. The amount invested on maturity doubles.
Account in the name of children is also possible
Another big benefit of the Kisan Vikas Patra Yojana is that any person can open more than one account in it. Both single and joint accounts can be opened in it. The special thing is that a child above 10 years of age can also take advantage of this scheme.
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How does the amount double
In this scheme, the interest on investment is calculated on the basis of compounding. For example, if a person invests Rs 1 lakh, then at the end of the first year, he will get an interest of Rs 7,500, and this amount will be added to the principal and become Rs 1,07,500. Next year, interest will be received on this new amount, and this process continues continuously. Similarly, if an investor invests Rs 5 lakh, then on maturity, this amount will double to Rs 10 lakh. This is the reason why the Kisan Vikas Patra scheme is called a money-doubling scheme.