Post Office Investment Scheme: Nowadays, everyone wants to save a part of their earnings and invest it in a place where the money is completely safe and also provides good returns. If you are also looking for such a scheme, then the Post Office scheme can prove helpful for you. Currently, Post Office savings schemes are considered quite trustworthy among people. The Kisan Vikas Patra (KVP) scheme is quite popular. Investing in this scheme doubles your money in a fixed time.
KVP Scheme is completely safe
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Investments in Post Office schemes are guaranteed by the government, so there is no risk involved. The Kisan Vikas Patra scheme is especially for those who want safe and guaranteed returns. The amount invested in this scheme doubles in 9 years and 7 months (115 months).
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Benefit of 7.5% annual interest
The Kisan Vikas Patra scheme currently offers an annual interest rate of 7.5 percent. The investment is a one-time investment. The government reviews the interest rates every three months; however, once the investment is made, the fixed interest rate remains applicable. To open an account in this scheme, you can visit your nearest post office.
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Learn how your money doubles
If you invest Rs 1 lakh in this scheme, then at the end of the first year, you will get Rs 7,500 as interest at a 7.5% interest rate. Thus, your total amount will become Rs 1,07,500.
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In the second year, interest will be calculated on this increased amount, which will further increase the amount. Similarly, through compounding, your investment becomes Rs 2 lakh after 9 years and 7 months. Using the same formula, if you invest Rs 5 lakh, you will get Rs 10 lakh at maturity, and if you invest Rs 7 lakh, you will get Rs 14 lakh.
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Single and Joint Account facility
In the Kisan Vikas Patra scheme, you can open both single and joint accounts. A maximum of three people can be included in a joint account. Adding a nominee is mandatory in this scheme. Investors also have the option to close the account after two and a half years of opening it.