Post Office Savings Schemes The interest rate on small savings schemes has been increased by the government along with Kisan Vikas Patra. This is a good opportunity for investors who want to invest in safe savings schemes.
Investing in FD is considered a safe option. Due to increase in interest rates in the recent past, it has become a very attractive option for investors. Along with banks, post offices also offer FD schemes and being a government post office, they are considered as reliable as banks.
In such a situation, if you are planning to get a new FD, then this can be a good opportunity due to the rising interest rate. Today we are going to tell you about such a post office FD scheme in which money will double in 123 months.
Kisan Vikas Patra -KVP
Kisan Vikas Patra (KVP) is a popular FD scheme run by the post office. Recently, the interest received on Kisan Vikas Patra was increased by the government, due to which now the money is doubling in this FD scheme in 123 months i.e. 10 years and 3 months.
Any citizen above 18 years can invest in this scheme. Apart from this, any parent can get KVP done on the basis of a minor. You can start with a minimum investment of Rs 1,000 in KVP and there is no limit on the maximum investment. Let us tell you, by investing in KVP, you get income tax exemption under Section 80C of Income Tax.
Interest rate on Kisan Vikas Patra
In the last few months, interest rates have been increased sharply by RBI, after which the interest on FDs is also being increased by banks. Because of this, the government has increased the interest rates on small savings schemes by 0.30 percent for the third quarter (October to December) in September. In this hike, the interest payable on KVP has been increased by 0.1 percent to 7 percent, from 6.9 percent earlier.
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