look news india
People often plan to invest in safe schemes so that they can get more money in the long term and also get the benefit of interest, income tax etc. Today we are telling you about a scheme which will also give the benefit of interest and your invested amount will double. This scheme is linked to the post office. This scheme of post office gives you guaranteed income. Also, the risk in this is also negligible because this scheme is run by the government.
This scheme of the post office is Kisan Vikas Patra (KVP). Currently, 7.5 percent annual interest is being given under this scheme. Kisan Vikas Patra is a lump sum investment scheme run by the Government of India, under which the interest is revised on a quarterly basis. In this scheme, you can double the money in a fixed period. To invest in this scheme, you can open an account through the post office.
The money will double in 115 months
Under the Kisan Vikas Patra Scheme (KVP) of the post office, the minimum investment can be made of Rs 1000. However, if you want to invest more, you can invest as much as you want. This scheme gives a return of 7.5 percent per annum. Last year in April 2023, its interest rates were increased from 7.2 percent to 7.5 percent. Earlier it used to take 120 months for the money to double in this scheme, but now the money will double in just 115 months i.e. 9 years and seven months.
6 lakh will become 12 lakh
If you invest 6 lakhs in this scheme, then at the rate of 7.5 percent annual interest, the money of 6 lakhs will become 12 lakhs. According to the calculation, you will have to wait for 115 months for the money to double. That means your money will double in 9 years and 7 months. On the other hand, if you invest 7 lakhs in lump sum, then this amount will become 14 lakhs in this period.
Can you also open a joint account?
If you want to open an account under this scheme, then Kisan Vikas Patra account can be opened both singly and jointly. Under this scheme of the post office, three people can open a joint account together. However, it is mandatory to add a nominee under this scheme. If you want, you can also close this account after 2 years and 6 months.