We all get ready soon to invest in the post office. Actually it is a post office government investment, and people feel safe in investing money. People think that now their money will not sink. If you also want to get guaranteed returns in the long term, then there is such a scheme in the post office. In which you get guaranteed returns.
Post Office Scheme
Investors are getting more interest on some post office schemes than fixed deposits of many banks. There are schemes like Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Saving Scheme (SCSS). In this you get more than 7 percent return. Also, in Kisan Vikas Patra (KVP), you get 6.9 percent compound interest annually.
Kisan Vikas Patra (KVP)
Under Kisan Vikas Patra KVP, you can double your deposit amount in 10 years 4 months (124 months) at the prevailing interest rate. If you deposit one lakh rupees in Kisan Vikas Patra KVP today, it will increase to 2 lakh rupees in the next 124 months. The current interest rate of 6.9 per cent on Kisan Vikas Patra KVP deposits is higher than fixed deposits of many banks.
Keep these things in mind
You can deposit at least Rs 1000 in KVP. There is no maximum limit for investment in this scheme. You can open any number of KVP accounts.
Your amount in KVP keeps maturing from time to time. If you deposit money, then this amount will mature after 124 months. Also, in some circumstances, you can also withdraw your money prematurely.
If the account holder dies, the amount is transferred to the nominee. The joint holder can also get the amount on the death of the account holder.
Post office schemes
Small savings schemes like KVP offered by the post office offer guaranteed returns to investors who cannot afford to lose their hard earned money. Additionally, many post office schemes such as PPF, SSY and SCSS offer tax benefits and higher interest rates as compared to fixed deposit interest rates offered by major public and private sector banks.
However, investors with good risk appetite can invest in market-oriented schemes like mutual funds and stocks, which can give better returns and faster than post office schemes. You can double your money. But before investing in mutual funds or stocks, you should do thorough research and consult a professional financial advisor.
