If you are also planning to invest for the future and are expecting high returns along with investment, then this news can be of use to you. Here is information about a scheme that gives you a higher interest rate (interest rate) than a bank’s FD (fixed deposit). At the same time, it doubles the money in a few years.
This is a government scheme, which can be purchased from the post office. This is Kisan Vikas Patra (KVP) scheme, which doubles the money in 124 months i.e. 10 years and 4 months. Also, investing in it is absolutely safe, as it is not a market linked scheme. One can start investing in it in multiples of Rs 1000 to 100. To invest, you have to open an account in India Post Payment Bank.
How much interest do you get?
If any investor invests in this scheme, then he is paid an annual interest of 6.9 percent, which can be taken by any post office branch. A lock-in period of 2.5 years is given in this scheme on investment.
How much interest is earned on FD?
Under the bank fixed deposit scheme, Axis Bank is offering 5.60 percent, HDFC Bank 5.40 percent, ICICI Bank 5.40 percent, Indian Bank 5.25 percent, SBI 5.20 and Punjab National Bank 5.10 percent.
No limit on investment in Kisan Vikas Patra
Investment in this post office scheme can be started with a minimum of Rs 1000, but there is no limit on the maximum investment in this. The age to invest in this should be 18 years. However, a minor of 10 years can also invest in it, which will be supervised by the parents.
Who can open account
Under this scheme, any citizen of the country can open the account. In this single account account and three adults can open a joint account. Apart from this, KVP account can also be pledged.
Features of the Scheme
Its biggest feature is that this scheme can be transferred from one person to another. Also it can be transferred from one post office branch to another post office branch.