Post Office Small Saving Scheme is also a very good option for investment. It includes many schemes but in Kisan Vikas Patra, the money is doubled with guarantee. If you are also looking for such a scheme to double the money, then you should pay attention to KYP once. In this article, we will tell you after how much time the money doubles in this scheme.
Post Office Small Saving Scheme: Whenever it comes to investment, FD (Fixed Deposit-FD) is given first priority in secure investment options. Now a secure investment option also includes Post Office Scheme (Post Office Small Saving Scheme). It also gives guaranteed returns along with security. If you are also looking for a scheme with a secure option for investment in which you get high interest, then you should pay attention to Kisan Vikas Patra once. In this scheme, the investment amount is guaranteed to be doubled.
This means that if you invest Rs 10 lakh in this scheme, then after maturity you will get double profit i.e. an amount of Rs 20 lakh.
In how much time does the money double
This scheme guarantees that the money will double after 115 months (9 years, 7 months). Currently, this scheme is giving 7.5 percent interest. This interest is calculated on an annual basis. The special thing about this scheme is that the investor can start investing with just Rs 1000 and there is no maximum limit for investment. Apart from this, you can open any number of bank accounts for this scheme.
About Kisan Vikas Patra Scheme
This scheme was started in the year 1988. The objective of this scheme was to double the investment amount of farmers. Initially this scheme was only for farmers but later anyone can invest in it. Now in this scheme, a joint account can be opened along with a single account. Along with this, an account of a child above 10 years of age can also be opened.
To open a child’s account, the guardian has to submit Aadhaar Card, age certificate, passport size photo, KYP form etc. Along with the child’s Aadhaar card, the guardian’s Aadhaar card also has to be submitted.
At present, this scheme is only for Indian citizens. NRIs are not eligible for the scheme.
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