Several banks including Punjab National Bank and Axis Bank have recently changed the interest rates on FDs. Most of the banks in the country are giving interest ranging from 5 to 6% on FD.
In such a situation, if you want more interest than this, then you can invest money in the Kisan Vikas Patra (KVP) savings scheme of the post office. It is currently getting 6.9% interest. We are telling you about this scheme. Also Read: India Post Recruitment 2021: Government job in postal department, know whether you can apply or not
It got 6.9% per annum
is given form a kind of proof under this scheme, which anyone can buy one. It is issued like a post office bond. It earns interest at a fixed rate. It can be purchased from post offices spread across the country. At present, interest of 6.9% is being given on this.
No matter how much money you can
invest there is no maximum limit to invest in Kisan Vikas Patra. However, your minimum investment should be Rs 1000. You can invest any amount in multiples of Rs 100.
Accounts
can be transferred from one person to another, in this, this certificate can be transferred from one person to another. It can also be transferred from one post office to another post office.
The facility of opening a joint account is also available
the age of the person investing in Kisan Vikas Patra must be at least 18 years. Apart from the single account, there is also the facility of joint account. Minors can also join the scheme, but it will have to be supervised by their parents.
It has a lock-in period of two and a half years,
if you want to withdraw your investment, then you have to wait for at least two and a half years (30 months). It has a lock-in period of two and a half years. That is, you cannot withdraw money from this scheme for so many years.
In what time does money double?
If you invest money in Kisan Vikas Patra, then it will double in about 10 years 4 months (124 months) according to the current interest rate of 6.9 percent.
It does not get tax advantage
if you want to invest for income tax savings there would be no right to invest. You do not get the benefit of income tax exemption by investing in this scheme. Click here for more information
How much interest are the big banks of the country paying on FD of two and a half years
| Bank | Rate of interest (%) |
| SBI | 5.10 |
| Punjab National Bank | 5.10 |
| Bank Of Baroda | 5.10 |
| ICICI | 5.15 |
| HDFC | 5.15 |
