This is the reason why the common man of the country always chooses such an option where along with the security of his investment, better returns are also guaranteed. In such a situation, fixed deposit schemes of banks and savings schemes of post offices are the first choice of common people. Today the post office is giving a tough competition to the top banks of the country in terms of giving hefty returns to the customers. Meanwhile, the post office has issued Kisan Vikas Patra (KVP). The interest rate offered under this scheme has also been increased.
Your money will double before 5 months
The post office has increased the interest rate on Kisan Vikas Patra savings schemes from 7.2 percent to 7.5 percent. The new interest rates have also come into effect from April 1. Under the Kisan Vikas Patra scheme, investors’ money doubles after a fixed time.
When the post office used to pay 7.2 per cent interest on this scheme, it used to take 120 months to double the investors’ money. But now that the interest rate available on the scheme has increased from 7.2 per cent to 7.5 per cent, your money will double in 5 months less i.e. 115 months (9 years and 7 months) instead of 120.
KVP account can be opened with Rs 1000
Let us tell you that under the Kisan Vikas Patra Savings Scheme, you can open an account with a minimum of Rs 1000. There is no limit on the maximum deposit in this scheme. This post office scheme can be opened from both single and joint accounts. There is an option to include up to 3 adults in the joint account. If you want to close your account under Kisan Vikas Patra Yojana then it can be closed after 2 years 6 months from the date of account opening.
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