When it comes to investing in India, there are numerous options available. However, ensuring the safety of your money is crucial. That’s why the common man in our country prefers investment options that not only guarantee the security of their funds but also offer better returns.
In such cases, fixed deposit schemes offered by banks and savings schemes provided by post offices are the preferred choices for most individuals. Currently, the post office is giving tough competition to the top banks in the country by offering lucrative returns to its customers. As part of this, the post office has introduced the Kisan Vikas Patra (KVP), with an increased interest rate.
Double Your Money in Just 115 Months with Kisan Vikas Patra!
The post office has raised the interest rate on its Kisan Vikas Patra Saving Schemes from 7.2% to 7.5%. This new interest rate came into effect on April 1. With the Kisan Vikas Patra scheme, investors’ money doubles after a fixed period.
Previously, when the interest rate on this scheme was 7.2%, it took 120 months to double the invested amount. But now, with the increased interest rate of 7.5%, your money will double in a shorter time, specifically in 115 months (9 years and 7 months).
Open a KVP Account with a Minimum of Rs 1000
You can open a Kisan Vikas Patra Saving Scheme account with just Rs 1000. There is no maximum deposit limit for this scheme. It allows both single and joint accounts, with a maximum of three adults being able to join in a joint account. If you wish to close your Kisan Vikas Patra account, you can do so after 2 years and 6 months from the date of opening the account.