Post Office Scheme: If you want your hard-earned money to remain safe and gradually double, the Post Office Kisan Vikas Patra scheme is an excellent option for you. This is a government-guaranteed scheme, meaning your invested money is completely safe. Kisan Vikas Patra is a fixed income scheme run by the central government. You invest money for a fixed period and receive your money back doubled at the end of the term. This scheme is managed through post offices.
In how many months will your money double?
The current interest rate is 7.5% per annum (compounded annually). At this rate, your money will double in 115 months, or approximately 9 years and 7 months. For example, if you invest Rs 1 lakh in the KVP scheme, it will become Rs 2 lakh after 9 years and 7 months.
How much can you invest?
Minimum investment: Rs 1,000
Maximum Limit: No Limit
You can invest in either a single or joint account.
Parents have the option to open an account for their minor child.
What are the other benefits?
Your money is completely secure. You can also take a loan from the bank using KVP as collateral. The account is transferable to any post office. You can name anyone as a nominee. Even though this is a long-term scheme, you can withdraw funds after two and a half years (2 years and 6 months) under certain conditions. Just remember that the interest you earn on KVP is taxable, so keep your tax planning in mind before you invest.
In summary, Kisan Vikas Patra is an excellent choice for those who prefer low risk and want guaranteed returns. Invest once and see your money double in 115 months, all with a government guarantee.