Money Double Saving Scheme: Invest now in this great scheme of Post Office, your money will double in just these many months
Money Double Saving Scheme: In this case, post office schemes are becoming popular as safe investments with high yields. The Post Office’s Kisan Vikas Patra, or KVP, Small Savings Scheme is an example of this; it doubles investors’ money in just 115 months. The government itself ensures the safety of investors’ money, which makes it unique. Let us tell you how investors can grow their money from Rs 5 lakh to Rs 10 lakh within the allotted period in this government initiative.
PO Scheme to Double the Amount
Nowadays, everyone wants to set aside a part of their income and invest it in a safe and profitable venture. If you find yourself in this situation, you may find it helpful to use post office systems. When it comes to giving adequate returns without taking risks, there is no alternative to post office small savings schemes.
In this list, Kisan Vikas Patra (KVp) can prove to be a great option. You can deposit a minimum of Rs 1000 in it in multiples of 100. Its specialty is that the maximum amount of investment in it is unlimited. You can invest as much as you want. The biggest contribution to the popularity of this government program is that the investment in it becomes four times greater in just 115 months.
In this way, you will get a lot of interest on investment
The government sets interest rates on a quarterly basis for all postoffice savings schemes. However, when it comes to the interest that investors get on their investment under the Kisan Vikas Patra scheme, the current rate is 7.5 percent. This interest is given once a year. Apart from this, an account can also be opened in the name of a child above ten years of age in this government scheme.
How to convert 5 lakh into 10 lakh
Let us now discuss how investing in this government program doubles the money. Therefore, it is very easy to calculate it. Suppose an investor invests Rs 5 lakh in the Kisan Vikas Patra scheme and stays in it for the entire 115 months. He will get interest of Rs 5 lakh at the rate of 7.5 percent. As a result, investors will get Rs 10 lakh on maturity.
It is important to note that interest on investment in Kisan Vikas Patra is calculated on a compounded basis as per the information given on the post office website. It is important to note that the investor’s payout includes taxes. The maturity period of Kisan Vikas Patra was initially reduced by the government from 123 months to 120 months and later to 115 months. In other words, the benefits of this scheme are now available soon.
KVP account opening limit unlimited
The Kisan Vikas Patra scheme allows opening of both single and multiple accounts. Additionally, there is no limit on the number of accounts an investor can create. In other words, you are free to open as many Kisan Vikas Patra accounts as you want—two, four, six or more.
