Post Office scheme: There is a special scheme of Indian Post Office. At present, it gets interest at the rate of 6.9 percent on an annual basis.
Post Office scheme: If you want a guaranteed return in the long term, then the post office scheme can prove to be better for you. On some of the post office schemes, investors are getting more interest than the fixed deposits (FDs) of many banks. Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Saving Scheme (SCSS) are some such schemes. Where you can get more than 7 percent return. At the same time, another popular scheme is Kisan Vikas Patra (KVP). In which you can take advantage of 6.9 percent compound interest annually.
Kisan Vikas Patra is a special scheme of the post office. People like to invest in this scheme with confidence. There is no risk involved in this scheme. Any adult citizen can open his account. If you want, you can also open a joint account in the name of 3 people.
Money will be double
This scheme can double your deposit amount in 10 years and 4 months i.e. 124 months. If you start a KVP deposit of Rs 1 lakh today, it will increase to Rs 2 lakh in the next 124 months. Currently, KVP deposits are getting an interest rate of 6.9 per cent per annum. It is getting more interest than FD. One can start with investing as little as Rs 1000 in KVP. There is no maximum limit for investment. You can open any number of KVP accounts.
Will there be tax exemption?
Kisan Vikas Patra Scheme comes under the Income Tax Act 1961. Therefore, tax exemption can be availed under 80C in this. If you invest more than Rs 50,000 in this scheme. Then you have to share PAN card details. You can also take a loan by using Kisan Vikas Patra Scheme as a guarantee.
