Everyone wants to save some of their earnings and invest it in a place where they get strong returns and the money is also safe. There is one such Post Office Scheme, the special thing about which is that the money invested in it doubles in just 115 months. Let us know in detail about this special Kisan Vikas Patra or KVP Scheme…
money doubling scheme
Small Saving Schemes of Post Office are very popular in terms of strong returns without risk. In this, Kisan Vikas Patra (KVP) can prove to be a great option. By investing in this government scheme, the money doubles in just 115 months (Double Income Scheme). In this you can invest at least Rs 1000 in multiples of 100. The special thing is that there is no maximum limit in this. You can invest as much money as you want.
You get so much interest on investment
Under this Post Office Scheme, interest is decided on quarterly basis. If we talk about the interest received on KVP scheme, at present an interest rate of 7.5 percent is being given. This interest is released on annual basis. Along with this, let us tell you that an account can be opened in this Govt Scheme in the name of a child above 10 years of age.
This is how Rs 5 lakh will become Rs 10 lakh
Now let us talk about how money gets doubled by investing in this government scheme. So its calculation is very easy. Suppose an investor invests Rs 5 lakh in Kisan Vikas Patra Scheme and remains in this scheme till maturity i.e. 115 months, then he will get Rs 5 lakh only from interest on the basis of 7.5 percent interest. This means that investors will get Rs 10 lakh on maturity. It is noteworthy that according to the information available on the post office website, interest on the amount invested in Kisan Vikas Patra is calculated on compounding basis.
It is worth noting here that tax is also included in the amount received by the investor. The government had earlier reduced the maturity period of Kisan Vikas Patra from 123 months to 120 months and then it was reduced to 115 months. This means that the benefit of the scheme is available in less time than before.
How many accounts can be opened in KVP?
Under Kisan Vikas Patra Scheme, both single and double accounts can be opened. Apart from this, no limit has been set for how many accounts a person can open. Meaning, you can open 2, 4, 6 or any number of Kisan Vikas Patra accounts.
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