This is the reason why the common man of the country always chooses such an option where along with the security of his investment, better returns are also guaranteed. In such a situation, fixed deposit schemes of banks and savings schemes of post offices are the first choice of common people.

Today, the post office is giving tough competition to the top banks of the country in terms of giving hefty returns to the customers. Meanwhile, the post office has issued the Kisan Vikas Patra (KVPThe rate of interest offered under the scheme has also been increased.

Your money will be doubled before 5 months

The post office has increased the interest rate on Kisan Vikas Patra Saving Schemes from 7.2 per cent to 7.5 per cent. The new interest rates have also been implemented from April 1. Under the Kisan Vikas Patra scheme, investors’ money doubles after a fixed time.

When the post office used to pay 7.2 per cent interest on this scheme, it used to take 120 months to double the investors’ money. But now when the interest rate available on the scheme has increased from 7.2 per cent to 7.5 per cent, then instead of 120, your money will double in 5 months less i.e. 115 months (9 years and 7 months).

KVP account can be opened with as little as Rs 1000

Let us tell you that under the Kisan Vikas Patra Saving Scheme, you can open an account with a minimum of Rs 1000. There is no limit on the maximum deposit in this scheme. This post office scheme can be opened with both single and joint accounts. There is an option of joining a maximum of 3 adults in a joint account. If you want to close your account under the Kisan Vikas Patra Scheme, then it can be closed after 2 years and 6 months from the date of opening the account.

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This is the reason why the common man of the country always chooses such an option where along with the security of his investment, better returns are also guaranteed. In such a situation, fixed deposit schemes of banks and savings schemes of post offices are the first choice of common people. Today, the post office is giving tough competition to the top banks of the country in terms of giving hefty returns to the customers. Meanwhile, the post office has issued the Kisan Vikas Patra KVP The rate of interest offered under the scheme has also been increased.

Your money will be doubled before 5 months

The post office has increased the interest rate on Kisan Vikas Patra Saving Schemes from 7.2 per cent to 7.5 per cent. The new interest rates have also been implemented from April 1. Under the Kisan Vikas Patra scheme, investors’ money doubles after a fixed time.

When the post office used to pay 7.2 per cent interest on this scheme, it used to take 120 months to double the investors’ money. But now when the interest rate available on the scheme has increased from 7.2 per cent to 7.5 per cent, then instead of 120, your money will double in 5 months less i.e. 115 months (9 years and 7 months).

KVP account can be opened with as little as Rs 1000

Let us tell you that under the Kisan Vikas Patra Saving Scheme, you can open an account with a minimum of Rs 1000. There is no limit on the maximum deposit in this scheme. This post office scheme can be opened with both single and joint accounts. There is an option of joining a maximum of 3 adults in a joint account. If you want to close your account under the Kisan Vikas Patra Scheme, then it can be closed after 2 years and 6 months from the date of opening the account.

The post Post Office’s Dhansu scheme, money will be doubled before time, depositing 10 lakhs, you will get 20 lakhs first appeared on Rightsofemployees.com.

Regular customers and senior citizens of the bank can also invest in this FD scheme. If you are not a customer of Bank of India, then you will need to open an account.

What are the benefits of investing in FD

Banks have increased interest rates on fixed deposit schemes since the RBI increased the report in December. Because of this, along with senior citizens, a large number of young investors and parents are planning to invest in FDs for the better future of their children. Because there is no risk of money sinking in FD investment and there is a guarantee of getting profits. Along with this, investors can also take loan through FD.

Disadvantages or Premature Withdrawal Conditions in FD Investment There is no disadvantage in investing in Fixed Deposit Scheme of any bank. But, if the investor breaks the FD before the maturity time or makes premature withdrawal of the FD, then he has to pay a penalty in a certain percentage.

According to the terms of premature FD withdrawal of Bank of India-

1. There will be no penalty for premature withdrawal when the FD is being renewed for long term investment.
2. For deposits less than Rs 5 lakh, no penalty will have to be paid for withdrawal after 12 months.
3. Premature withdrawal before 12 months will attract a penalty of 0.50 per cent for deposits less than Rs 5 lakh.
4. Deposits of Rs.5 lakh or more will attract a penalty of 1.00 per cent for premature withdrawal.

Make a profit of about 1 lakh in 444 days

Bank of India is offering 7.05 percent interest rate to general customers on investment in 444 days FD, while 7.55 percent interest rate has been offered to senior citizens on the same tenure. If seniors invest Rs 10,00,000 for 444 days, they get a direct profit of around Rs 96,150. In this way, he gets a total return amount of Rs 10,96,150.

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There are five banks that are offering 8.5% or more interest on FDs to senior citizens. Many other banks are offering interest of 8% or more per annum. However, it is to be noted that higher interest does not mean that these senior citizens are better than small savings. Here you have to check FD tenure and other benefits. Let us know about the rates of these banks.

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank is offering 8.75% interest on 80 weeks (560 days) deposits to senior citizens. The bank is offering 8.5% interest on deposits of 990 days. These rates are applicable from 5 November.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is offering 8.5% interest on 700 days deposit to senior citizens. The bank is paying 8.25% interest on FDs of 5 years from 701 days. These rates are applicable from 17 October 2022.

Jana Small Finance Bank

Jana Small Finance Bank is offering 8.5% interest on deposits of 2 to 3 years to senior citizens. The bank is paying 8.45% on deposits of 1 to 2 years and 8.3% on deposits of 3 years to less than five years. These rates are applicable from 14 October 2022.

Fincare Small Finance Bank

Fincare Small Finance Bank is offering 8.5% interest on 1000 days deposit to senior citizens. The bank is offering 8.25% interest on deposits of 750 days and 8% on deposits of 500 days. These new rates are applicable from 9 November.

ESAF Small Finance Bank

ESAF Small Finance Bank is offering 8.5% interest on 999 days deposit to Senior Citizens. The bank is offering 7.75% interest on deposits from 1000 days to less than three years and from 2 years to 998 days. These rates are applicable from 1 November 2022.

Unity Small Finance Bank

Unity Small Finance Bank is offering 8.3% interest on 1 year 1 day deposit to senior citizens. The bank is offering 8.15% interest on deposits of 2 to 5 years. Bank rates are applicable from 1st November.

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering 8.26% interest on 999 days deposit to senior citizens. The bank is paying 8.01% interest on deposits of 1 year to 998 days. These rates are applicable from 2 November.

DCB Bank (DCB Bank)

DCB is offering 8.25% interest on FDs of 700 days to 36 months and FDs of 26 months to senior citizens. The bank is offering 7.75% interest on deposits ranging from 36 months to 60 months to 5 years. These rates will be applicable from October 31.

Equitas Small Finance Bank

Equitas Small Finance Bank is offering 8% interest on deposits for 888 days to senior citizens. The bank is offering 7.9% interest on deposits of 2 years 1 day to 887 days and 889 days to 3 years. These rates are applicable from 15 October.

Bandhan Bank

Bandhan Bank is offering 8% interest on 600 days deposit to senior citizens. The bank is offering 7.5% interest on deposits of 2 to 5 years. These are applicable from 7 November.

AU Small Finance Bank

AU Small Finance Bank is offering 8.24 per cent interest on term deposits of 24 months to 45 months to senior citizens. These rates are applicable from 10 October.

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