Post Office Scheme: If you’re looking for an investment option that keeps your money safe and doubles over a period of time, the Post Office Kisan Vikas Patra scheme is an excellent option. This scheme not only offers stable returns but is also guaranteed by the Government of India. You can start investing with just ₹1,000 and double your money within a few years.
What is Kisan Vikas Patra?
Kisan Vikas Patra is an old and trusted savings scheme of the Government of India, first launched in 1988. It was revised and relaunched in 2014 to encourage investors to invest in safe, long-term savings. This scheme is available through both post offices and select government banks. Any Indian citizen can invest in it, either singly or jointly. Guardians can even open an account in the name of a minor.
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There are two types of accounts
Kisan Vikas Patra allows opening two types of joint accounts. A Joint A account requires the consent of all account holders, and upon the death of one, the remaining members can jointly manage the account. A Joint B account allows any one account holder to withdraw funds or make transactions. This is convenient for those who want flexibility.
Learn about the interest rate
Kisan Vikas Patra currently offers an annual compounded interest rate of 7.5 percent. A key feature of this scheme is that an account can be opened with a minimum of ₹1,000. There is no maximum limit, meaning you can invest as large as you wish. Your investment doubles upon completion of the stipulated period.
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This special feature is available
If, for some reason, you need to withdraw funds before the end of the investment period, this facility is also provided in the Kisan Vikas Patra. However, this is only possible after the stipulated period, so that the investor does not lose interest. Hence, this scheme is also suitable for those who want liquidity in the medium term.
