Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme (SCSS) are some of the schemes where you can get more than 7 per cent returns. At the same time, in another popular scheme Kisan Vikas Patra (KVP), you can take advantage of 6.9 percent compound interest annually. Here we will tell what is special in the Kisan Vikas Patra (KVP) scheme.

(KVP)

KVP is an interesting scheme. This scheme can double your deposit amount in 10 years and 4 months (124 months) at the prevailing interest rate. If you start a KVP deposit of Rs 1 lakh today, it will increase to Rs 2 lakh in the next 124 months.

The current interest rate of 6.9% on KVP deposits is higher than that of many bank fixed deposits. Let us have a look at some of the key features of this small savings scheme-

• Minimum and Maximum Deposit: You can deposit a minimum of Rs 1000 in KVP and then in multiples of Rs 100. There is no maximum limit for investment under this scheme. You can open any number of KVP accounts.
• Maturity: The amount deposited under KVP matures as per the period prescribed by the Ministry of Finance from time to time. Currently, if you deposit today, it will mature after 124 months. However, premature withdrawal is allowed in special circumstances.
• Transfer : In case of death of the account holder, the KVP account for the nominee/legal heir can be transferred from person to person- to the joint holder on the death of the account holder; On the orders of the Court and mortgage of the account to the Specified Authority.

Should I invest in Small Savings Scheme?

Small savings schemes like KVP offered by the post office offer guaranteed returns to investors who cannot afford to lose their hard earned money. Apart from this, many post office schemes like PPF, SSY and SCSS offer higher interest rates and tax benefits as compared to term deposits of banks.

However, if you are not afraid of taking risks, you can invest in market-oriented schemes like mutual funds and stocks. Here you can get higher returns and double the money faster than in the post office scheme. But before investing in mutual funds or stocks, you should do thorough research and consult a professional financial advisor.

The post New Post Office Plan: Big news! Doubling money with post office scheme Rs 1,00,000 to Rs 2,00,000 in 124 months , know here complete details first appeared on Rightsofemployees.com.

Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme (SCSS) are some of the schemes where you can get more than 7 per cent returns. At the same time, in another popular scheme Kisan Vikas Patra (KVP), you can take advantage of 6.9 percent compound interest annually. Here we will tell what is special in the Kisan Vikas Patra (KVP) scheme.

Kisan Vikas Patra (KVP)

KVP is an interesting scheme. This scheme can double your deposit amount in 10 years and 4 months (124 months) at the prevailing interest rate. If you start a KVP deposit of Rs 1 lakh today, it will increase to Rs 2 lakh in the next 124 months.

The current interest rate of 6.9% on KVP deposits is higher than that of many bank fixed deposits. Let us have a look at some of the key features of this small savings scheme-

Minimum and Maximum Deposit: You can deposit a minimum of Rs 1000 in KVP and then in multiples of Rs 100. There is no maximum limit for investment under this scheme. You can open any number of KVP accounts.
Maturity: The amount deposited under KVP matures as per the period prescribed by the Ministry of Finance from time to time. Currently, if you deposit today, it will mature after 124 months. However, premature withdrawal is allowed in special circumstances.
Transfer : In case of death of the account holder, the KVP account for the nominee/legal heir can be transferred from person to person- to the joint holder on the death of the account holder; On the orders of the Court and mortgage of the account to the Specified Authority.

Should I invest in Small Savings Scheme?

Small savings schemes like KVP offered by the post office offer guaranteed returns to investors who cannot afford to lose their hard earned money. Apart from this, many post office schemes like PPF, SSY and SCSS offer higher interest rates and tax benefits as compared to term deposits of banks.

However, if you are not afraid of taking risks, you can invest in market-oriented schemes like mutual funds and stocks. Here you can get higher returns and double the money faster than in the post office scheme. But before investing in mutual funds or stocks, you should do thorough research and consult a professional financial advisor.

The post Post Office New Plan: Doubling money with post office scheme Rs 1,00,000 to Rs 2,00,000 in 124 months , know here complete details first appeared on Rightsofemployees.com.

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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