Post Office KVP: Along with the excellent interest in the schemes of the post office, the security of the money invested is also guaranteed by the government. Kisan Vikas Patra is also considered a money doubling scheme.
Post Office KVP: Everyone wants to save some amount from their earnings and invest it in a place where they get strong returns and the money is also safe. One such Post Office Scheme is the special thing about which is that the money of those who invest in it doubles in just 115 months. Let us know about this special Kisan Vikas Patra or KVP Scheme in detail…
Money doubling scheme
Post Office Small Saving Schemes are quite popular in terms of strong returns without risk. In this, Kisan Vikas Patra (KVP) can prove to be an excellent option. By investing in this government scheme, the money doubles in just 115 months. In this, you can invest at least Rs 1000 in multiples of 100. The special thing is that there is no maximum limit in this. You can invest as much money as you want.
This much interest is available on investment
Under this scheme of Post Office, interest is decided on quarterly basis. On the other hand, if we talk about the interest received on KVP scheme, then at present an interest rate of 7.5 percent is being given. This interest is issued on an annual basis. Along with this, let us tell you that an account can also be opened in this Govt Scheme in the name of a child above 10 years of age.
5 lakh rupees will become 10 lakhs like this
Now let’s talk about how the money gets doubled by investing in this government scheme. So its calculation is very easy. Suppose an investor invests Rs 5 lakh in the Kisan Vikas Patra scheme and stays in this scheme till maturity i.e. 115 months, then he will get Rs 5 lakh only from interest on the basis of 7.5 percent interest. This means that investors will get Rs 10 lakh on maturity. It is worth noting that according to the information available on the post office website, interest on the amount invested in Kisan Vikas Patra is calculated on a compounding basis.
It is worth noting here that the amount received by the investor also includes tax. The government had first reduced the maturity period of Kisan Vikas Patra from 123 months to 120 months and then it was reduced to 115 months. That is, the benefit of the scheme is available in less time than before.
How many accounts can be opened in KVP
Under the Kisan Vikas Patra Scheme, both single and double accounts can be opened. Along with this, there is no limit set for the number of accounts a person can open. Meaning you can open 2, 4, 6 or as many Kisan Vikas Patra accounts as you want.
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