Post Office Schemes: The Post Office offers several reliable savings schemes for the general public, aiming to provide safe investments and good returns. One of these schemes is the Kisan Vikas Patra (KVP), commonly known as the “money doubling scheme.” Investing in this scheme doubles your deposit after a set period of time. Let’s understand the important points related to the Kisan Vikas Patra in simple terms.
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How much interest is being earned?
The Kisan Vikas Patra currently offers an annual interest rate of 7.5%. Investments in this scheme can start with just ₹1,000. The good news is that there is no maximum investment limit, meaning you can deposit any amount according to your capacity.
Doubling your money at maturity
This scheme fully matures in 115 months, or approximately 9 years and 7 months. This means that you will receive double the amount you invested at maturity. Investments in KVP must be made in a lump sum. For example, if you deposit ₹5 lakh, you will receive approximately ₹10 lakh upon maturity. Similarly, even if you invest a larger amount, the returns double proportionately.
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These features are available in the scheme
Kisan Vikas Patra offers the option of opening a single account as well as a joint account. A maximum of three people can be added to a joint account. If necessary, the account can be transferred from one person to another. Furthermore, KVP accounts can be easily transferred from one post office branch to another. This scheme is considered a good option for those seeking a safe investment.