If you want to invest your savings in a scheme with safe investment and strong returns, then in this case you can trust the schemes being run by the post office. In these schemes, while the government itself guarantees the safety of the investors’ money, the interest rate is also excellent. Post Office runs different small savings schemes for every age and every class and one special scheme in it is Kisan Vikas Patra Scheme, which guarantees investors to double their money in just 115 days. Let us know in detail about investing in it and its benefits…

You can open an account with Rs 1000.

Everyone today earns money by working hard and saves some amount and invests it so that they do not have to face financial difficulties in the future. The thing that makes the Post Office KVP Scheme most popular is that it gives return on investment. Apart from this, there is no risk on investing in it. Under the scheme, investors can start investing by opening an account with a minimum of Rs 1000, while there is no limit for higher investments. That is, you can invest as much as you want.

This Kisan Vikas Patra scheme of the post office doubles the money by giving a strong interest of 7.5% on investment.

The government also gives a great interest rate, which is currently 7.50%. This interest rate is given on investment in KVP scheme on an annual basis. Talking about the maturity period of this scheme, it is 115 months. Along with this, investors can open both single and double accounts under the KVP scheme.

One person can open multiple accounts.

Another special thing about this government scheme is that any person can open as many KVP accounts as he wants. This means that no limit has been set for this and if an investor wants to keep two accounts, he can do so or he can open more accounts. During the scheme, an account can be opened in the name of a child above 10 years of age in this Kisan Vikas Patra scheme.

This calculation of doubling of money

is now the most important thing due to which this scheme remains the first choice of investors. Yes, we are talking about how the money gets doubled in this scheme. So let us tell you that in this government scheme, the interest on the investment amount is calculated on the basis of compounding. If we understand with the example of investing Rs 1 lakh, then on investing this much amount, on the basis of 7.5 percent interest, the interest received on it at the end of the first year will be Rs 7500 and this amount will be added to the principal amount for the next year and the amount will increase to Rs 1,07,500.

Now the interest on this amount will become Rs 8,062 in the second year. This amount will become Rs 1,15,562 by adding it to the principal amount for the third year. Similarly, the amount will keep increasing in the coming years. Now suppose the investor invests Rs 5 lakh, according to this, this amount will also keep getting profit year after year and on maturity the investors will get Rs 10 lakh.

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The amount of investment in KVP will double

In the financial year 2023-24, from April 1, the government has increased the interest rate of Post Office Small Savings Scheme. Under this, the interest on Kisan Vikas Patra has been increased from 7.2% to 7.5% annually. That is, double returns will be available in less time than before. Explain that Kisan Vikas Patra (KVP) is a one-time investment scheme run by the Government of India. This scheme is available for investment in all post offices and big banks of the country.

Money will double in Kisan Vikas Patra

Investment amount: Rs 5 lakh
Interest per annum: 7.5%
Tenure: 115 months (9 years and 7 months)
Amount at maturity: Rs 10 lakh

Special features of KVP scheme

Kisan Vikas Patra Scheme (KVP Scheme) is specially made for the farmers. This will help the farmers to save their money on long term basis. The minimum investment in the scheme is Rs 1000. While there is no limit on the maximum investment. Any number of accounts can be opened under the scheme. Account Single and 3 adults together can open joint account. Nominee facility is also available in this. Children above 10 years of age can open KVP account in their own name. Parents can open the account on behalf of a minor or a person of unsound mind.

The post Post Office KVP Scheme: Double returns are available with guarantee, investment of ₹ 5 lakh will be ₹ 10 lakh, see detailed first appeared on Rightsofemployees.com.