Post office schemes: Post office has more than one fixed deposit scheme. Not only are the interest rates high here, the Indian government also guarantees the deposits. No bank in the country provides such a guarantee.
Kisan Vikas Patra (KVP) is a deposit scheme of this post office. It is the only government deposit scheme in the country where deposits are doubled. Apart from this, any amount can be deposited in this scheme.
Currently, the money deposited in the post office’s Kisan Vikas Patra (KVP) scheme is doubling in 115 months. 115 months is 9 years 7 months. In this scheme, 7.50 percent interest is being paid on compounding basis.
Minimum limit
Kisan Vikas Patra (KVP) can be started from a minimum of Rs.1000. There is no upper limit. So this plan is considered very good for those who want to double their money.
Beneficial even in financial difficulties
Kisan Vikas Patra (KVP) can be taken in single or joint name. Even if you want to invest more money, buying Kisan Vikas Patra (KVP) with less money is beneficial. Kisan Vikas Patra will help you financially even in times of trouble. If required, a loan can be taken against the bank by pledging the Kisan Vikas Patra (KVP). Thus, this money doubling plan becomes very attractive. Money can also be deposited in the name of children in this scheme.
