You can invest in Kisan Vikas Patra (KVP) Scheme of Post Office. In this post office investment scheme, the depositor gets the benefit of government security on his deposit along with better returns. If you invest in this scheme for 10 years and 4 months, then your amount will double.
Post office scheme is considered to be a better option for investment. Also, investing in it is also said to be safe. If you also want to get double benefit by investing, then you can invest in Kisan Vikas Patra (KVP) scheme of the post office. In this post office investment scheme, the depositor gets the benefit of government security on his deposit along with better returns. If you invest in this scheme for 10 years and 4 months, then your amount will double.
How much interest do you get
under the Kisan Vikas Patra (KVP) scheme, you will get the benefit of 6.9 percent annual interest rate. This interest is compounded applicable. If you also invest your money then compound interest is applicable on it.
How can open the RS account
Anyone in Kisan Vikas Patra (KVP) Scheme of the Indian post at least 1,000 invested Rs. If you invest more than Rs 50,000, then you have to provide PAN card for this. Under this, you can open an account by visiting any nearest branch. In this, it is mandatory for you to provide identity and other necessary documents.
What is the eligibility
Investing in this post office scheme is easy, under this any adult citizen of India can open an account. There is no upper limit for investment in this. NRIs are not considered eligible under this. You can invest more than 50 thousand rupees in this scheme.
How can the money double
if you invest 1000 rupees every year in this scheme, then you are given an interest rate of 6.9 percent. No return is applicable on the first year. The same is further compounded at the rate of compound interest with maturity of Rs 1,333 in five years and on completion of 10 years and four months, your investment money will double i.e. Rs 2000. Under this scheme, on the death of the account holder, the entire money is given to the nominee or family member.
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