The investment amount in Kisan Vikas Patra will double in 115 months. The government is offering more than seven percent interest on the amount invested in this scheme. The government reviews its interest rate every three months.
Post Office runs many types of Small Saving Scheme. Many of these schemes are quite popular among the people. One such scheme is Kisan Vikas Patra. If you are making an investment plan these days, then you can choose Kisan Vikas Patra as an option. This post office scheme has become more beneficial than before, because instead of 120 months, the invested amount doubles in 115 months only.
The government is offering more than seven percent interest on the amount invested in this scheme. Investing in post office schemes is considered safe. That’s why a large number of people have invested.
How is interest calculated?
The investment amount in Kisan Vikas Patra will double in 115 months. In January 2023, the government reduced the maturity period of Kisan Vikas Patra from 123 months to 120 months. Now it has been further reduced to 115 months. According to the information available on the post office website, the interest on the amount invested in Kisan Vikas Patra is calculated on compounding basis. The interest on the amount invested in this scheme is calculated on compounding basis.
How much interest is getting
The government is offering annual interest at the rate of 7.5 percent on the amount invested in Kisan Vikas Patra. You can start investing in this scheme from Rs 1000. After this, investment can be made in multiples of Rs.100. There is no limit on the maximum investment in this scheme. You can also invest in this scheme by opening a joint account. Along with this, the facility of nominee is also available in Kisan Vikas Patra.
How to open account?
The account of a minor below 10 years of age can also be opened in the Kisan Vikas Patra Yojana. However, an adult can open the account on their behalf and the account is transferred in their name as soon as the minor attains the age of 10 years. It is very easy to open an account for this scheme. For this, the application will have to be filled in the post office along with the deposit receipt and then the investment amount will have to be deposited in cash, check or demand draft. You will also have to attach your identity card with the application.
Kisan Vikas Patra is a small saving scheme. Every three months, the government reviews its interest rate and makes changes as per the requirement.
