Post office paisa double scheme: Many such schemes are run by the post office , in which investors can get safe and guaranteed returns by investing money.
From April 1, 2023, the government has increased the interest rate of small savings schemes of the post office, including the Kisan Vikas Patra (KVP), a government scheme of the post office being run in the name of farmers. The central government has increased the interest received on Kisan Vikas Patra from 7.2 percent to 7.5 percent annually from April 1, 2023. That is, now in this scheme your money will double more quickly. Let us know about this scheme.
What is Kisan Vikas Patra (KVP)?
Kisan Vikas Patra is a lump sum investment scheme run by the Government of India. In this scheme, you can double your money within a fixed period. Kisan Vikas Patra Yojana is available for investment in all post offices and big banks of the country. This scheme is specially made for the farmers, so that they can save their money on long term basis. The minimum investment in this is Rs 1000. There is no limit on maximum investment.
In how much time money will double
The government has increased the interest rates of this scheme from 1st April. Now you are getting returns at the rate of 7.5% per annum by investing in this scheme. From January 2023 to March 2023, it was taking 120 months to double the money in this scheme. But now your money will double in five months before that i.e. 115 months i.e. 9 years and 7 months only. If you put 4 lakhs in it in lump sum then you will get 8 lakhs back in 115 months. The good thing is that you also get the benefit of compounding interest in this scheme. That is, you earn interest even on interest.
Rebate on account opening
You can start investing in Kisan Vikas Patra with just Rs.1000. After this, investment can be made in multiples of Rs.100. Any number of accounts can be opened under the scheme. Account Single and 3 adults together can open joint account. Nominee facility is also available in this. Children above 10 years of age can open KVP account in their own name. A guardian can open an account on behalf of a minor or a person of unsound mind.
If you want to close KVP account
You account can be prematurely closed after 2 years 6 months from the date of deposit. KVP can be closed on the death of a single account or death of any or all account holders in a joint account, forfeiture on behalf of the pledgee being Gazetted Office Officer and when ordered by a court. The account can be pledged or transferred as security by submitting an application to the concerned post office along with the acceptance letter of the pledgee.
