Investing your hard-earned money wisely is crucial. When it comes to investing, there are several options available in the market.
Investors usually select investment options based on their desired risk and return.
However, the Post Office Saving Scheme, backed by the Central Government, has always been a popular choice for guaranteed and secure returns.
One such scheme is the Kisan Vikas Patra (KVP) scheme, which doubles your investment amount within a fixed period.
KVP ensures your investment amount doubles
Starting from April 1st in the financial year 2023-24, the government has increased the interest rate of the Post Office Small Savings Scheme.
Specifically, the interest rate on Kisan Vikas Patra has been raised from 7.2% to 7.5% annually.
This means that you can achieve double returns in a shorter timeframe compared to before.
It’s important to note that Kisan Vikas Patra (KVP) is a one-time investment scheme operated by the Government of India.
This scheme is available for investment in all post offices and major banks across the country.
Your money grows twofold with Kisan Vikas Patra
Investment amount: Rs 5 lakh Annual interest rate: 7.5% Tenure: 115 months (equivalent to 9 years and 7 months) Maturity amount: Rs 10 lakh
Key features of the KVP scheme
The Kisan Vikas Patra Scheme (KVP Scheme) is specially designed for farmers, helping them save money in the long term.
The minimum investment required for this scheme is Rs 1000, while there is no maximum investment limit.
You can open multiple accounts under this scheme, either individually or jointly with up to three adults.
Nominee facility is also available, and children above the age of 10 can open a KVP account in their own name.
Parents can open an account on behalf of a minor or a person with unsound mind.