You will get strong returns in this scheme

Among these schemes, there is also a special scheme for farmers which can give you good returns. Its name is Kisan Vikas Patra Scheme. This scheme was started by India Post in 1988. According to the official website, the objective behind this scheme was to encourage long-term financial discipline among people.

How much time will it take for money to double?

Under the government’s Kisan Vikas Patra, 7.5 percent return is available annually (Kisan Vikas Patra Interest Rate). It will take 115 months i.e. 9 years and 7 months for the money to double in this government scheme. That means if someone invests Rs 4 lakh in it, he will get Rs 8 lakh back after 115 months.

How much can you invest?

The minimum investment under this scheme is Rs 1000 and there is no limit on the maximum investment. If you choose to invest the lump sum amount, you will get double the amount by the end of 115 months. It is available in all banks and post offices of the country.

keep this in mind

The government has made PAN card mandatory for anyone investing Rs 50,000 or more to prevent cases of money laundering. For investments of Rs 10 lakh and above, you will have to submit income proof like salary slip, bank statement and ITR documents.

Who can apply? (Kisan Vikas Patra Eligibility)

Only Indian citizens can invest in this scheme. For this, your age should be more than 18 years. An adult can apply for this on behalf of a minor. HUF and NRI are not eligible for this scheme.

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If you have some extra money lying around and you want to park it somewhere safe and for guaranteed returns, then making a fixed deposit in a government bank can be a wise decision. Fixed deposits in post offices and government banks like State Bank of India are a good option for those investors who do not want to take any risk on investment, want guaranteed returns on their money after an interval. SBI’s “SBI We-care” is one such scheme. Let us know the benefits of investing in this scheme, as well as in how much time this scheme can double your money.

“SBI We-care” Deposit Scheme

This scheme of a government bank is a special term deposit scheme, which is specially run for senior citizens. In this, investors also get interest on their term deposits from above i.e. double benefit.

Some special features of this plan

This is a domestic term deposit, in which you can invest less than 2 crores for minimum 5 years and maximum 10 years.

– Interest is being received on this at the rate of 7.50% under the scheme. In this, 30bps additional premium is being given separately on the card rate.

You get interest on maturity. You also get the facility of loan on this.

When will the money double?

If you keep an investment of 5 lakhs in this scheme for 10 years, then you will get more than double the amount. See the calculation-

Your Total Investment – 5 Lakh
Rate of Interest – 7.50%
Time Period – 10
=
Total Amount of Investment – 5 Lakh
Estimated Return – 5,51,175
Net Value – 10,51,175

SBI Retail Domestic Term Deposits Calculator

If you remove the benefit of SBI We Care and look at the rate of term deposit for the general investor, then the bank is currently paying interest at the rate of 6.5%. See how much return you will get in this case-

Your Total Investment – 5 Lakh
Rate of Interest – 6.50%
Time Period – 10
=
Total Amount of Investment – 5 Lakh
Estimated Return – 4,52,779
Net Value – 9,52,779

Remember that this calculation is based on the assumption that you will get interest at the rate of 7.5% and 6.5% for the entire investment period, but keep in mind that in these 10 years the bank can also up-down its interest rates.

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The interest rate of Senior Citizen Saving Scheme ie SCSS is 7.6 percent. In this scheme lump sum money is deposited. A minimum of Rs 1000 and a maximum of Rs 15 lakh can be invested. In this scheme, your money will double in nine and a half years i.e. 113 months. The maturity of this account is completed in 5 years. Interest is paid every quarter in this scheme.

The amount matures after 5 years

A minimum of Rs 1000 and a maximum of Rs 15 lakh can be deposited in this account. The amount is deposited in multiples of 1000 in the scheme. The deposit amount matures after 5 years from the date of opening of the account. If the depositor wishes, he can extend the term of the account for three years after the maturity of the deposit. But this extension option is available only once. Interest is payable on the deposit amount on quarterly basis. Presently the interest is 7.40% per annum which is effective from 01 April 2020. This rate will remain till 30 September. The rate is reviewed on March 31, June 30, September 30 and December 31.

Who can take advantage of this scheme

• Those senior citizens whose age is more than 60 years.
• People who have taken VRS between the age of 55 to 60 years can also take advantage of it.
• Retired defense personnel up to the age of 50 years.

Benefits of this scheme

• Senior Citizen Savings Scheme is a small savings scheme backed by the Government of India, hence it is considered one of the reliable and safe options.
• The interest rate of 7.40% per annum is much better than investments like FDs and savings accounts.
• This account can be transferred anywhere in India.
• Under Section 80C of the Income Tax Act, you can claim tax exemption of Rs 1.5 lakh per year by investing in this scheme.
• Interest is paid every three months under this scheme. Interest is credited to your account on the first day of every April, July, October and January.

Account opening process

To open this account in post office or public / private banks, you will have to fill a form, as well as submit this form along with two passport size photographs, identity proof and copies of other KYC documents. The advantage of opening an account with a bank is that the deposit interest can be directly credited to the savings bank account of the depositor with the bank branch. Account statements are sent to the depositors through post or email.

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