Post Office Scheme: The Indian Postal Department offers many schemes to the customers for savings. It can be deposited from monthly to lump sum.
The best part is that there is a guaranteed and safe return on the amount saved. One such scheme is Kisan Vikas Patra, in which the investment amount doubles in a fixed period. The government has also increased the interest rates available on the scheme at the beginning of the year.
Awesome post office scheme
In Kisan Vikas Patra scheme, the amount of investment doubles in only 120 months i.e. 10 years. From January 1, 2023, the interest rate available every year in the scheme has been increased to 7.2%. The special thing is that in this scheme, the investor can start saving with an investment of Rs 1000 every month. There is no maximum investment limit in this, but at least 1000 rupees have to be invested.
The money in the scheme is double
You have invested Rs 10 lakh in lump sum in Kisan Vikas Patra. So the investment amount will double to Rs 20 lakh in 120 months at an interest rate of 7.2% per annum. In this, the investment amount of Rs 10 lakh, the amount of interest earned by adding Rs 10 lakh becomes Rs 20 lakh on maturity.
Special feature of the scheme
The Kisan Vikas Patra scheme started in the year 1988. In this, tax deduction of up to Rs 1.5 lakh is available under section 80C on investment. In 2014, the government had made PAN card mandatory for investments above Rs 50,000 to avoid the menace of money laundering. If investing 10 lakh or more, then income proof will also have to be submitted, such as ITR, salary slip and bank statement. Apart from this, Aadhaar also has to be given as an identity card.
