Money Double Scheme: Numerous savings programs are currently available through the post office, catering to individuals of all ages. These programs not only guarantee secure investments but are also gaining popularity due to their attractive returns. Among these, the Post Office Small Savings Scheme – Kisan Vikas Patra (KVP Scheme) stands out as a prime example. This particular scheme allows investors to double their money within a period of 115 months. A key feature of this scheme is that the government assumes responsibility for safeguarding the investors’ funds.
Invest Rs 5 lakh, get Rs 10 lakh
To illustrate, let us examine how an investment of Rs 5 lakh in this government initiative can grow to Rs 10 lakh within the designated timeframe. By participating in the Post Office Kisan Vikas Patra (KVP) scheme, an investor’s capital doubles in approximately 9.5 years. This government-backed scheme ensures that the investment is secure, making it a risk-free option.
The minimum investment required to start is Rs 1,000, with increments available in multiples of Rs 100, and there is no upper limit on the investment amount. Currently, the KVP scheme offers an interest rate of 7.5% per annum, calculated on a compounding basis. Thus, an investment of Rs 5 lakh will yield Rs 10 lakh after 115 months at this interest rate.
Who can open the account?
Individuals can open either single or joint accounts under this scheme, and there is no restriction on the number of accounts one can hold. Additionally, KVP accounts can be established in the names of children aged 10 years and above, facilitating early savings for their future. Notably, the duration of this scheme has been reduced from 123 months to 120 months, and now to 115 months, allowing for benefits to be realized in a shorter timeframe.