Kisan Vikas Patra (KVP) is the best option for investment. In this post office scheme, you can double your rupees in just 124 months through investment. Talking about the interest rate, it is 6.9 percent. Currently, this is considered to be the most profitable deal.
Delhi: Kisan Vikas Patra (KVP) is one of the best savings schemes of the government, where the money is guaranteed to double. Apart from this, there is no risk of sinking money in this scheme. If you want to invest, then it is one of the best government schemes in the current era.
Kisan Vikas Patra Yojana
Kisan Vikas Patra Yojana is better for those investors who are thinking of investing long term. The scheme is getting interest at the rate of 6.9 percent per annum. This interest rate is applicable from 1 April 2020. On investing in this scheme, your money will double in a period of 124 months (10 years and 4 months). For example, suppose you invest 5 lakh rupees in this scheme, then after 124 months i.e. 10 years and 4 months, you will get 10 lakh rupees.
Understand the formula of Kisan Vikas Patra
In this scheme you can invest multiple multiples of Rs 100 only. This means that if the number is completely devided from 100, the same amount can be invested. The minimum amount for investment is 1000 rupees and there is no maximum limit. Under the scheme, any adult, including a maximum of 3 adults, can buy a joint account, a minor over 10 years of age, under the scheme. With this, on behalf of a minor, an adult and a guardian can also buy the certificate on behalf of a person with a weak mind.
How to invest in Kisan Vikas Patra
The Kisan Vikas Patra is issued as a passbook. It can be purchased from any departmental post office. Nomination facility is available in the scheme. The certificate can be transferred from one person to another and from one post office to another post office.
Your hard-earned money is safe
In case of default of the bank , the insurance is guaranteed only up to Rs. 5 lakh deposited in it. This guarantee is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC) bank customers. Whereas, there is a Sovereign Guarantee on the money deposited in the post office. This means that your money is completely safe at the post office. The post offices are under the central government and as of now there is no interference from the private sector. Being completely under the control of the government, all your money is completely safe.
