Post Office Money Double Scheme: This amazing scheme doubles your money in just 115 months
Post Office Money Double Scheme: Everybody saves a portion of their income and wants to put it in an investment where they can secure their funds while also earning a high return. The unique feature of the Kisan Vikas Patra, or KVP, Post Office Scheme is that it doubles the investors’ money in a mere 115 months. Let’s learn more about this unique plan in detail.
Scheme to double money
If you’re looking to increase your income without taking any chances, this well-known Post Office Kisan Vikas Patra (KVP) initiative may be a fantastic option. This plan was created specifically to increase profits. Investing in this government program doubles the money in 115 months. In multiples of 100, you may invest at least Rs 1000. The unique feature of this is that it has no upper limit. You are free to invest as much as you choose.
How many accounts are allowed to be established under the plan?
It is possible to establish both single and multiple accounts under the Kisan Vikas Patra Scheme. A youngster older than ten years old may also create an account under this government scheme. A user may open an unlimited number of accounts in addition to this. This too has no boundaries. 2, 4, 6 The Kisan Vikas Patra Scheme allows you to create as many accounts as you choose.
7.5% interest
The interest rate is set quarterly under this post office plan. Currently, the post office offers 7.5 percent interest via this arrangement. This interest is paid out once a year.
Invest 5 lakhs to earn 10 lakh rupees
A person who invests 5 lakh rupees in this plan and remains in it for the full 115 months would get 5 lakh rupees in interest solely, calculated at a rate of 7.5 percent. This implies that at maturity, investors will get 10 lakh rupees. It is important to note that this includes tax.
Kisan Vikas Patra’s maturity time was previously shortened by the government from 123 months to 120 months. It has now been lowered even more to 115 months. The interest on the money invested in Kisan Vikas Patra is computed using a compounding basis, per the information on the post office website. The interest on the invested amount is computed on a compounding basis under this scheme.
