If you want to put your savings in the scheme with safe investment and powerful returns, then you can rely on the schemes being run by the post office. In these schemes, the government itself guarantees the safety of investors’ money, but interest is also good. The post office runs separate small savings schemes for every age and every category and one of them is the Kisan Vikas Patra Yojana, which guarantees investors to double their money in just 115 months.
You can open an account with 1000 rupees
In today’s time, everyone earns money by working hard and invests some of it and invests, so that he does not have to face financial crisis in future. The most important thing about the KVP scheme of the post office is that money is returned from investing in it. Apart from this, there is no risk on investment. Under this scheme, investors can start investment by opening an account with a minimum of Rs 1000, while there is no further investment limit. That is, you can invest as much as you want.
7.5 percent interest on investment
The government is currently paying 7.50 percent interest on this Kisan Vikas Patra Yojana of the post office. This interest rate is given on an annual basis on investment in KVP scheme. 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 many accounts
Another special thing about this government scheme is that any person can open as many KVP accounts as he wants. This means that there is no limit fixed for this and if the investor wants to keep two accounts, it can keep it or even open accounts. During this scheme, an account can be opened in the Kisan Vikas Patra Yojana in the name of a child above 10 years of age.
Calculation of doubling money
Now the most important thing for which this scheme remains the first choice of investors. How is the money doubled in this scheme? So in this government scheme, interest on investment amount is calculated on the basis of compound interest. If you understand this by 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 this amount and this amount will be added to the original amount for next year and the amount will increase to Rs 1,07,500.
Now the interest on this amount will be Rs 8062 for the second year. The third year this amount will be added to the principal to Rs 1,15,562. Similarly, this amount will continue to increase in the coming years. Now suppose the investor invests Rs 5 lakh, so this amount will also be benefited year after year and the investor will get Rs 10 lakh on maturity.
