Let us tell you that the Post Office has launched a scheme in which you can double your money. You will be happy to know that this is a government scheme in which there is no risk of losing money. So let’s know the complete calculation related to this scheme…
Kisan Vikas Patra or KVP is run under the small savings scheme by the Post Office. The advantage of this scheme is that the person depositing in it is given the option to double the money. Since it is a post office scheme, there is no risk of losing money and the money doubles by the time it matures.
In how much time will the money double?
The government has announced 7.5 percent interest on Kisan Vikas Patra for the October-December period of the financial year 2023-24. According to this, if you invest in Kisan Vikas Patra for 115 months, your money will double. For example, if a person today invests one lakh rupees in Kisan Vikas Patra for 115 months, then on maturity that person will get two lakh rupees.
Let us tell you, before the increase in interest rates, the money in Kisan Vikas Patra used to double in 123 months, but with the increase in the interest rate, the period for doubling the money kept decreasing and now the money is doubling in 115 months. .
You can start investing from Rs 1,000 –
You can start investing in Kisan Vikas Patra from Rs 1,000. There is no limit on maximum investment. This means that you can invest as much as you want as per your wish. You also get the benefit of tax exemption in Kisan Vikas Patra. Under Section 80C of Income Tax, farmers can avail tax exemption of up to Rs 1.5 lakh on investments made in Kisan Vikas Patra in a financial year. Children above 10 years of age can also open accounts in KVP.
How to open account in Kisan Vikas Patra?Â
To open an account in Kisan Vikas Patra Yojana, you must have a savings account in the post office, through which you can easily open an account in Kisan Vikas Patra.
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