If you want to invest your savings in a scheme with safe investment and strong returns, then you can rely on the schemes being run by the post office in this matter. In these schemes, where the government itself guarantees the safety of investors’ money, but interest is also fantastic. Post Office runs different small savings scheme for every age and every class and has a special scheme, Kisan Vikas Patra Scheme, which guarantees investors to double the money in just 115 days. Let’s know in detail about investing and its benefits …
Accounts can be opened with 1000 rupees
In today’s time, everyone earns money by working hard and invests some of it, investing it, so that he does not have to face financial problems in the coming time. The Post Office Kisan Vikas Patra Scheme makes the most popular thing to be the most popular, it is money to be lost on investing in it. Apart from this, there is no risk on investment in it. Under the scheme, investors can start investment by opening an account with a minimum of Rs 1000, while no more investment limit is fixed. That is, you can invest as much as you want according to your mind.
7.5% strong interest on investment
In this Kisan Vikas Patra Scheme of the post office that doubles the money, interest is also given by the government, which is currently 7.50 percent. This interest rate on investment in KVP scheme is given on an annual basis. Talking about the maturity period of this scheme, it is 115 months. Along with this, investors can open both single and double accounts under KVP Scheme.
A person can open multiple account
Another special thing about this government scheme is that any person can open any KVP account in it. Meaning no limit has been set for this and if the investor wants to keep two accounts, it can be kept or can open more accounts than this. An account can be opened in this Kisan Vikas Patra scheme in the name of a child over 10 years of age.
This calculation of money double
Now the most important thing for which this scheme remains the first choice of investors. Yes, we are talking about how the money becomes double in this scheme. So let us know that interest on the amount of investment in this government scheme is based on compounding. If you understand with an example of investment of Rs 1 lakh, then the interest received at the end of the first year will be Rs 7500 on the basis of interest on investing so much and this amount will be added to the principal amount for the next year and the amount will increase to Rs 1,07,500 to Rs 1,07,500.
Now the interest on this amount will be Rs 8,062 in the second year. At the same time, this amount will be added to the original amount to Rs 1,15,562 for the third year. Similarly, the amount will continue to increase in the next years. Now suppose the investor invests Rs 5 lakh, according to this, this amount will continue to get the benefit from year to year and investors will get Rs 10 lakh on maturity.
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