Post office scheme
If you want your money to be completely safe and at the same time it grows rapidly, then the Kisan Vikas Patra (KVP) scheme of the post office can be a great opportunity for you. This government scheme not only protects your money, but also doubles your investment with fixed interest.
That is, if you invest 10 lakh rupees in this scheme, then this amount will be 20 lakh rupees in about 115 months. Let’s understand its complete calculation…
How will the money double?
The most special thing about the farmer development letter is its compounding interest. This means that the interest you get every year is added to your principal, so that the next time interest is received on that new big amount. For example, if you invested Rs 10,00,000, after the first year you will get 7.5% i.e. Rs 75,000 interest. This 75,000 rupees will be added to your original ₹ 10,00,000, that is, now your new investment will be ₹ 10,75,000. Similarly, next year interest will be charged at that ₹ 10,75,000, and this will continue continuously. In about 115 months i.e. 9 years and 7 months, your money will double to ₹ 20,00,000.
Who can open this account?
Any Indian citizen can invest in this scheme. Whether you are employed, traders or a housewife, everyone can invest money in KVP account. Also, parents can open this account in the name of their children above 10 years of age. This scheme can become a source of safe savings for every family member.
Starts from low investment, more profit
In the Kisan Vikas Patra Scheme, you can start investing from only 1000 rupees. There is no upper limit for this, meaning you can invest as much money as you want. Also, a person can open more than one account. This also gives you the facility to divide your savings into different accounts.
A completely safe and reliable
The Kisan Vikas Patra Yojana is run by the government, so there is no risk on investment. Like a market, your money does not affect your money. This is the right choice for those who want safe investment and expect fixed returns. Although interest on this scheme does not give the benefit of exemption under Section 80C of Income Tax, its guarantee and stability makes it a reliable plan.