Double your money in this Post Office Scheme; assured guarantee from government in his small savings scheme
Post Office Scheme: Kisan Vikas Patra (KVP) Scheme is one of the most popular small savings schemes of the India post.
Post Office Scheme: Kisan Vikas Patra (KVP) Scheme is one of the most popular small savings schemes of the India post. As per the recent small savings schemes interest rate revision, Kisan Vikas Patra maturity period is of 124 months. Apart from that, the annual interest rate on the Post Office Kisan Vikas Patra account is 6.9 per cent. Since, KVP is central government backed scheme, after investing in this Post Office scheme, the investor gets a guarantee from the government that his or her money is secured with a guaranteed return.
Speaking on the Post Office Kisan Vikas Patra investment and why it's secured and return in it is guaranteed, Jitendra Solanki said, "Interest rate in Post Office Kisan Vikas Patra is fixed throughout the investment period at the annual interest rate available at the time of account opening. For example, if someone had opened the Post Office Kisan Vikas Patra account in January to March 2020 quarter this year, he or she will get an annual interest rate of 7.6 per cent till his or her investment period. New rates will be applicable to the new accounts getting opened in the April to June 2020 quarter."
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So, return in Post Office Kisan Vikas Patra account is secured and fixed however, annual interest on the Post Office Kisan Vikas Patra has been slashed from 7.6 per cent to 6.9 per cent. Even then, a new Kisan Vikas Patra account holder still has a chance to double his money. On how KVP account can double invetsors' money, Solanki said, "New maturity period of the KVP account is 124 months means 10 years and four months. If a person invests Rs 1,000 in one's Post Office KVP account today, this Rs 1,000 will become around Rs 2,000 at the time of maturity after 124 months. Investors should know that there is no limit on the maximum amount to be invested in the Post Office KVP account. It's advisable to those who believe in a diversified portfolio where some part of the portfolio must be invested in secured and guaranteed return plans." The official India Post website — indiapost.gov.in - claims that your money will get doubled in 124 months.
For an investor investing in Post Office Kisan Vikas Patra, the minimum amount to be invested is Rs 1,000 and the amount has to be in the multiple of Rs 100 only. Kisan Vikas Patra can be purchased from any Departmental Post office and the facility of nomination is available there. The KVP certificate bought by the investor can be transferred from one person to another and from one post office to another. It can be encashed after 2 & 1/2 years from the date of issue.
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