Post Office Kisan Vikas Patra: When it comes to investing money, ensuring its safety becomes a top priority for the common man in India. While there are numerous investment options available, not all guarantee the security of your hard-earned money.
To address this concern, people often turn to options that offer both investment security and attractive returns. In such cases, fixed deposit schemes offered by banks and savings schemes provided by post offices become the preferred choice for many individuals.
In recent times, the post office has emerged as a strong competitor to leading banks in terms of offering substantial returns to customers. Moreover, the post office has recently introduced the Kisan Vikas Patra (KVP) scheme, which not only provides a secure investment platform but also offers an increased rate of interest.
Before 5 months Your money will be double
Good news! The post office has recently increased the interest rate on the Kisan Vikas Patra Saving Scheme from 7.2% to 7.5%. This change came into effect on April 1. Under this scheme, your money will be doubled after a fixed period of time.
Previously, with an interest rate of 7.2%, it took 120 months for your investment to double. However, with the increased interest rate of 7.5%, your money will now double in just 115 months, saving you 5 months of waiting time (equivalent to 9 years and 7 months).
With a little amount of Rs 1000, KVP account can be opened
Opening a Kisan Vikas Patra (KVP) account is easy. You can start with as little as Rs 1000 as the minimum deposit. There is no maximum limit for deposits in this scheme. Whether you prefer a single or joint account, the KVP scheme caters to both. In a joint account, a maximum of 3 adults can be included. If you wish to close your account, you can do so after 2 years and 6 months from the date of opening the account.