Kisan Vikas Patra Scheme: In today’s era, numerous investment options have emerged in the market. However, there is still a significant portion of the population in our country that prefers investing in bank, post office, or LIC schemes.
Today, we bring to your attention a post office scheme that has the potential to double your money in a short period. The scheme we are referring to is called Kisan Vikas Patra. On April 1, 2023, the central government increased the interest rate for this scheme from 7.2 percent to 7.4 percent. With this enhanced interest rate, the amount deposited in this scheme has the potential to double at an accelerated pace. Let us provide you with further details about this scheme.
What is Kisan Vikas Patra
Kisan Vikas Patra Scheme is a fixed deposit scheme offered by the central government. It allows investors to double their invested amount within a specific period by making a lump sum deposit. Any individual can open an account under this scheme at their nearest post office. Kisan Vikas Patra is primarily aimed at benefiting the rural population. The minimum investment amount is Rs. 1,000, and there is no maximum limit for lump sum deposits.
Get Double Money
With the government’s decision to increase the interest rate for Kisan Vikas Patra in April 2023, the duration for doubling the deposited amount has reduced. Previously, it took 120 months, but now the money invested in Kisan Vikas Patra will double in just 115 months. For instance, if you invest Rs. 10 lakh in this scheme, after 115 months, the maturity amount will be Rs. 20 lakh. The scheme offers the advantage of compounding interest.
Eligibility to Open an Account
To open a Kisan Vikas Patra account at any post office, a minimum investment of Rs. 1,000 is required. Additional investments can be made in multiples of Rs. 100. Joint accounts can be opened by two or three individuals. Moreover, children above 10 years of age can also have an account under Kisan Vikas Patra.