Post Office Scheme: If you want to invest your savings in a safe investment and get good returns, then the Post Office’s small savings schemes can be a reliable option. In these schemes, the government itself guarantees the security of the investment and also offers attractive interest rates.
The Post Office runs several schemes catering to different age groups and needs. One such special scheme is the Kisan Vikas Patra (KVP), in which your money doubles in a fixed period.
You can start investing with just Rs. 1000
Today, everyone wants to save a part of their hard-earned money for the future. The Post Office’s Kisan Vikas Patra scheme has been designed keeping this need in mind. The biggest feature of this scheme is that the investment is completely safe and the amount doubles in a fixed time.
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Investment in this scheme can be started with just Rs. 1000. The good thing is that there is no limit on the maximum investment, meaning you can invest as much as you want according to your capacity.
Interest is paid at the rate of 7.5%
Currently, the government is offering an annual interest rate of 7.5% on the Kisan Vikas Patra scheme. This interest is compounded, due to which the investment amount gradually increases.
The maturity period of this scheme is 115 months (approximately 9 years and 7 months). Investors can choose either a single account or a joint account.
One person can open multiple accounts
Another special feature of this government scheme is that there is no restriction on the number of accounts. That is, one person can open more than one KVP account in their name.
In addition, investment in Kisan Vikas Patra can also be made in the name of a child aged 10 years or more, which can help create good savings for the future.
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How does the money double?
Now let’s talk about the reason why this scheme is so popular among investors—the guarantee of doubling your money. The interest in Kisan Vikas Patra is calculated on a compounding basis.
For example, if a person invests ₹1 lakh, at the end of the first year, they will receive ₹7,500 as interest at a rate of 7.5%. The following year, this increased amount becomes the basis for interest calculation, and the investment continues to grow.
Similarly, the amount increases year after year, doubling by the time of maturity. If an investor invests ₹5 lakh, they will receive approximately ₹10 lakh at maturity.