The Kisan Vikas Patra is a one-time investment scheme operated by the Government of India. It offers higher interest rates than fixed deposits. The key feature of this post office scheme is that it doubles your investment within a specified period.
Main features of the scheme
The Kisan Vikas Patra is a government scheme, making it risk-free. Currently, it offers an annual interest rate of 7.5%. The interest in Kisan Vikas Patra is determined every quarter. You can invest in it through post offices or major banks. The minimum investment required is Rs. 1000, and there is no maximum limit on the investment amount.
When will the money double?
The government is offering an interest rate of 7.5% on the Kisan Vikas Patra. Under this scheme, your money will double in 115 months, or 9 years and 7 months.
If you invest Rs. 5 lakhs, this amount will become Rs. 10 lakhs after 9 years and 7 months. Similarly, if you invest Rs. 10 lakhs, it will grow to Rs. 20 lakhs in the same period.
Account opening process
An account under the Kisan Vikas Patra scheme can be opened at Indian post offices. Besides post offices, you can also open an account at select banks. You must have an Aadhaar card and PAN card to open the account. This account can be opened individually or jointly with your children. A joint account can include up to three people.
Benefits of the scheme
In this scheme, you know in advance when your money will double. Your investment is completely secure with the government’s guarantee. You can start with a minimum investment of Rs. 1000, and there is no maximum limit on the amount you can invest. You can easily open an account at your nearest post office or select banks.
The Kisan Vikas Patra offers completely safe and guaranteed returns. Once you open an account under this scheme, there is a lock-in period of 2 years and 6 months. The maturity period is 10 years. Minors can open a joint account with their parents under this scheme.
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