Post office scheme instead of 50 thousand you will get 1 lakh rupees
Post office scheme instead of 50 thousand you will get 1 lakh rupees
Invest in this one double / post office scheme, instead of 50 thousand you will get 1 lakh rupees
Investing in a post office is considered to be the safest. You can double your hard earned money by investing in Kisan Vikas Patra in a government run post. Under this scheme of post office, the government guarantees to double the amount deposited.
If you are also planning to invest in the long term, you can invest in this scheme. In fact, under this scheme, the money is guaranteed to be doubled in 124 months at present.
The government has fixed the interest rate at 6.9 per cent till September 30, 2021. How long the money will double depends on the interest. With an interest rate of 6.9 per cent at present, the customer is guaranteed to double the money in about 10 years.
Conditions for investing in this scheme
The scheme offers certificates up to Rs.1000, Rs.5000, Rs.10,000 and Rs.50,000. There is no maximum deposit limit. This facility is available in joint account in addition to single account. Must be at least 18 years old to invest. And the investor must be an Indian citizen.
Currently, small savings schemes in the post office are offering higher interest rate as compared to deposit schemes of some of the top banks. Interestingly, post office schemes like Kisan Vikas Patra comes with a declared timeline for doubling the investors’ money.
Double your money
Currently, if you invest Rs 50,000 in KVP today, it will mature and double in 113 months, or 9 years and 5 months.
The minimum amount one can invest in KVP is Rs 1000 and thereon in the multiples of Rs 1000. There is no upper limit of investment.
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The interest rate on KVP is 7.6 per cent. This is higher than the interest rates offered on 10-year FDs by SBI and HDFC Bank.
SBI is currently offering 10-year FD at 6.25 per cent, while this rate in HDFC Bank is 6.9 per cent.
Gift KVP certificates
An adult can buy KVP certificate for himself or on behalf of a minor or by two adults from any Departmental Post office. The scheme provides nomination facility.
KVP certificate can be transferred from one person to another and from one post office to another. This means you can gift it to someone else if required.
Moreover, you can encash KVP certificate after 2.5 years from the date of issue.
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