In how much time will the money double?

The government has announced 7.5 percent interest on Kisan Vikas Patra for the October-December period of the financial year 2023-24. According to this, if you invest in Kisan Vikas Patra for 115 months, your money will double. For example, if a person today invests one lakh rupees in Kisan Vikas Patra for 115 months, then on maturity that person will get two lakh rupees.

Let us tell you, before the increase in interest rates, the money in Kisan Vikas Patra used to double in 123 months, but with the increase in the interest rate, the period for doubling the money kept decreasing and now the money is doubling in 115 months. .

You can start investing from Rs 1,000

You can start investing in Kisan Vikas Patra with Rs 1,000. There is no limit on maximum investment. This means that you can invest as much as you want as per your wish. You also get the benefit of tax exemption in Kisan Vikas Patra. Under Section 80C of Income Tax, farmers can avail tax exemption of up to Rs 1.5 lakh on investments made in Kisan Vikas Patra in a financial year. Children above 10 years of age can also open accounts in KVP.

How to open account in Kisan Vikas Patra?

To open an account in Kisan Vikas Patra Yojana, you must have a savings account in the post office, through which you can easily open an account in Kisan Vikas Patra.

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The government has increased the interest rates on deposits in these schemes by 0.1-0.7 percent. Small savings schemes that give tremendous returns of the post office include National Savings Certificate (NSC), Post Office Time Deposit Scheme, Sukanya Samriddhi Yojana, Kisan Vikas Patra, Recurring Deposit and Senior Citizens Savings Scheme.

The increase in interest rates means that now your money will double triple faster than before. Here we know on the basis of increased interest rates on three schemes KVP, NSC and SCSS, where your money will double first.

Post Office schemes: where and how much interest increased

According to the information available on the post office website, the maximum interest rate on NSC has increased by 0.7 percent. From April 1, it will get 7.7 percent interest, which was earlier 7 percent. The interest rate on Senior Citizen Savings Scheme has increased from 8 percent to 8.2 percent and on Kisan Vikas Patra from 7.2 percent to 7.5 percent.

Kisan Vikas Patra (KVP)

Interest rate: 7.5% per annum
72/7.50 = 9.6 years or 115 months
According to Rule 72, your investment here will double in 115 months.

Senior Citizens Saving Scheme (SCSS)

Annual interest: 8.20%
72/8.20 = 8.8 years or approximately 106 months
According to Rule 72, your investment here will double in 106 months.

Post Office NSC

Annual interest: 7.70%
72/7.7 = 9.35 years or 112 months
According to Rule of 72, your investment here will double in 112 months.

Know the Rule of 72?

You can use the Rule of 72 formula to find out the time in which money will double in a scheme. Experts consider it an accurate formula. Understand it in such a way that suppose you have invested in a scheme, in which you get 6% interest annually. In this case, under Rule 72, you have to divide 6 in 72. 72/6 = 12 years, that is, under this scheme your money will double in 12 years.

The post Post Office Top Schemes: KVP, NSC or SCSS after increased interest rates, where will the money double soon? first appeared on Rightsofemployees.com.