bank holiday today1 hr ago
Post Office Savings Scheme: Double your money in this government-backed scheme in 9 years and 7 months
- Written by Bhawna Gupta
Published: Zee Business| Updated: Zee Business
Post Office offers several savings schemes. Some of these schemes include the Post Office Monthly Income Scheme (POMIS), Post Office Savings Account, National Savings Monthly Income Account, and Senior Citizen Savings Scheme, among others. In this article, we will discuss a scheme that can double your money in nine years and seven months.
Images: Pixabay, PTI
1/8
Kisan Vikas Patra (KVP) scheme
1/8KVP is a guaranteed-return scheme offered by India Post. You can double your money in 9 years and 7 months under this scheme.
2/8
KVP interest rate
2/8The scheme offers a 7.5 per cent interest rate on the Kisan Vikas Patra scheme. The interest is compounded annually.
3/8
Who can invest in Kisan Vikas Patra?
3/8Any Indian citizen aged 18 or above can take advantage of this scheme.
4/8
KVP: Can parents open an account in their child's name?
4/8Yes, parents can open an account in their child's name for the Kisan Vikas Patra scheme.
5/8
Joint account in the KPV scheme
5/8You can also open a joint account in this scheme for up to three adults.
6/8
How to invest in the KVP scheme?
6/8An individual needs to visit the nearest post office, fill in the KVP form, and submit KYC documents (such as Aadhaar and PAN card) to invest in this scheme. Once the amount is deposited, a Kisan Vikas Patra certificate is issued as proof of investment.
7/8
KVP: Minimum and maximum investment
7/8A minimum of Rs 1,000 is required to invest in this scheme, and there is no upper limit.
8/8
Investing Rs 1,00,000 in the KPV scheme
8/8If you invest Rs one lakh in the KPV scheme, you can achieve a corpus of Rs 2 lakh on maturity.
- 1
- 2
- 3
- 4
- 5
- 6