The government has announced an increase in the interest rate of Kisan Vikas Patra from the first quarter of the financial year 2023-24. Under this announcement, apart from the increase in the interest rate, the maturity period has also been changed. So let’s know about it in detail.

Interest has increased

After the new update, the new interest rate available in the investment of Kisan Vikas Patra will be 7.5%, which was earlier 7.2%. At the same time, the maturity period has been increased to 115 months. This means that the money deposited under KVP scheme will now double in 115 months. Whereas, earlier its maturity period was 123 months. Explain that the benefit of increased interest rate and reduced maturity period is going to be available till June 30.

Start with Rs 1,000

A minimum amount of up to Rs 1,000 has been fixed for investment in Kisan Vikas Patra. An investment of more than Rs 50,000 can also be made in this. However, for this a PAN card is required. After investment, certificates equal to the investment amount are issued. There is no upper limit for investing in this scheme.

These people can invest money

Any adult can open his account in this scheme for investing in Kisan Vikas Patra. 3 adults can come together to open a joint account. Account can be opened for minor also under this scheme, any minor above 10 years can also open account in his name.

If you want to withdraw the money of the scheme before the maturity period, then penalty has been fixed for this. This penalty is for withdrawing money before one year. If the money is withdrawn between one year and two and a half years, then there is no penalty, but the interest is reduced.

The post Post Office Super Plan: Golden opportunity to invest in this post office scheme, now your money will double in 115 months first appeared on Rightsofemployees.com.

It is also called post office FD. Through this, you can get the amount fixed for 1, 2, 3 and 5 years and can get a good interest. If you want, you can also double your amount. But for this you have to fix the money for a long time. Let us tell you that in how much time your money will be doubled through time deposit.

First know the current interest rate

Talking about the interest received on the post office time deposit scheme, currently 6.6% on 1 year FD, 6.8% on two year FD, 6.9% on three year FD and 7% interest on 5 year FD. Are getting. In this, the interest is paid on an annual basis, but it is calculated on a quarterly basis. Apart from this, you get the benefit of compounding in time deposits, that is, apart from the principal, you are also given interest on the interest. The longer you invest, the better you will be able to take advantage of compounding.

This is how your money will double

If you want to get good profit through post office time deposit scheme, then the amount has to be fixed for at least 5 years. In the time deposit of 5 years, you will get interest at the rate of 7 percent. Meanwhile, even if there is a change in the interest rates, the same interest will be charged on your invested amount with which you have invested the money.

Suppose you invest Rs 5 lakh in the post office for five years, then at the rate of 7 per cent you will get Rs 2,07,389 as interest after five years. In this way, you will get Rs 7,07,389 on maturity, but you do not have to withdraw this amount, but you have to fix it again for 5 years. In this case, after the next 5 years, you will get an interest of Rs 5,00,799 on the invested amount and after maturity, the total amount will be Rs 10,00,799.

If you invest money with this formula, you will get Rs 2,00,160 after 10 years, Rs 4,00,319 for Rs 2 lakh, Rs 6,00,479 for Rs 3 lakh after 10 years at 7% interest rate. And after fixing Rs 10 lakh, you will get Rs 20,01,597 after 10 years. That is, after 10 years your amount will double.

keep in mind

The interest rates mentioned above are currently applicable till March 31. That is, to get 7% interest on a 5-year time deposit, you will have to fix the money before March 31. After this, there can be a change in the interest rates. After changing the interest rate, if you fix money in it, then it will be calculated according to the new interest rates.

The post Post Office Super Plan: Guaranteed returns will be available in this post office scheme, your amount will double in 10 years, know the benefits first appeared on Rightsofemployees.com.