Many post office schemes prove to be beneficial for the common depositor. For those making small investments, the post office scheme is important and beneficial in many ways. We are going to tell you about one such scheme where you can get double return of the amount invested through small investment for ten years.
Can make double profits
Post Office Kisan Vikas Patra is one such scheme where those with small savings can easily invest and earn double profits on maturity. The investor can start Kisan Vikas Patra at the rate of only one thousand rupees per month. A small investment of one thousand will double after ten years on maturity period.
What is special about the scheme
The account of Kisan Vikas Patra run by India Post can be started in two ways. It can be a single account or a joint account. If you keep investing in this scheme continuously, after 124 months i.e. 10 years and 4 months, the money will double on maturity. If seen, there has been no difference in the interest rate in the last one year. In a quarter, no change has been seen on interest rates. At present, those investing under the scheme are given interest at the rate of 6.9%.
The biggest plus point of this scheme is its investment horizon. In this scheme, a minimum of Rs 1000 starts but no investment limit has been kept above. The investor has been given this exemption as to the maximum amount he wants to deposit in the scheme. The deposited amount will be doubled on maturity of 124 months.
For information, let us tell you that you can easily close the Kisan Vikas Patra but for this you have to go through the prescribed procedures. This account can be closed after two and a half years. Also, the account can be closed in the event of the death of the holder or any order from the court. Kisan Vikas Patra can also be transferred from one account holder to another.
