Post Office Scheme: When it comes to safe investment and strong returns, the schemes run by the post office are becoming quite popular. An example of this is the Post Office’s small savings scheme Kisan Vikas Patra or KVP Scheme, which is a scheme that doubles the investors’ money in just 115 months. The special thing is that the government itself guarantees the safety of the investors’ money.
Let us know how the amount of those who invest Rs 5 lakh in this government scheme can increase to Rs 10 lakh in the stipulated time. Kisan Vikas Patra (KVP) can prove to be a great option in this list. In this, you can invest at least Rs 1000 in multiples of 100. The special thing is that there is no limit on the maximum investment limit. You can invest as much money as you want. The biggest thing that makes this government scheme popular is that by investing in it, the money doubles in just 115 months.
Under all the Post Office Saving Schemes, the government determines the interest on quarterly basis. Talking about the interest received on this Kisan Vikas Patra scheme, at present, investors are being given an interest rate of 7.5 percent on their investment. This interest is issued on an annual basis. Along with this, let us tell you that an account can also be opened in this Govt Scheme in the name of a child above 10 years of age.
Calculation to make 5 lakhs into 10 lakhs
Now let’s talk about how investing in this government scheme doubles the money. So its calculation is very easy. Suppose an investor invests 5 lakh rupees in the Kisan Vikas Patra scheme and stays in this scheme till maturity i.e. 115 months, then he will get 5 lakh rupees only from interest on the basis of 7.5 percent interest. This means that investors will get 10 lakh rupees on maturity.
It is worth noting that according to the information available on the post office website, the interest on the amount invested in Kisan Vikas Patra is calculated on a compounding basis. It is worth noting here that the amount received by the investor also includes tax. The government had first reduced the maturity period of Kisan Vikas Patra from 123 months to 120 months and then it was reduced to 115 months. That is, the benefit of the scheme is available in less time than before.
Both single and double accounts can be opened under the Kisan Vikas Patra Scheme. Along with this, there is no limit set for the number of accounts an investor can open. Meaning you can open 2, 4, 6 or as many Kisan Vikas Patra accounts as you want.
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