New Delhi: India Post provides a slew of investment schemes offering impressive interest rates while ensuring safety to Indians. One such scheme offered by India Post is Kisan Vikas Patra (KVP), which is a long term investment instrument offering a chance to double the investments in a few years. Investors usually put their money in Kisan Vikas Patra to secure their future or for their children’s education or marriage, as there is almost nil risk in this savings scheme offered by India Post.
When will your money double in the Kisan Vikas Patra scheme?
At present, India Post is offering a 6.9 per cent annual interest to investors who have put their money on the Kisan Vikas Patra scheme. With the current rate of interest, your investments in the Kisan Vikas Patra scheme can double in 124 months or nearly 10 years. For instance, your investment worth Rs 10 lakh will double to Rs 20 lakh in 124 months.
All you need to know about the Kisan Vikas Patra scheme
In the Kisan Vikas Patra scheme, you can invest as little as Rs 1000. There is no upper limit on the investments in this India Post scheme. Post Office offers you certificates in denominations of Rs 1000, Rs 2000, Rs 5000, Rs 10,000 and Rs 50,000.
Investors above the age of 18 can invest in the Kisan Vikas Patra scheme. Post Office also offers investors a chance to open single and joint accounts in this scheme, with the maximum number of individuals capped at three. Also Read: Boeing 737 cargo plane makes emergency landing in Pacific ocean, pilots rescued
Parents or guardians can also open an investment account in the Kisan Vikas Patra scheme in the name of their children. Investors can also select nominees in the schemes. Also Read: Microsoft’s Blue Screen of Death will be changing to black in Windows 11