Introduction
The Post Office offers various savings schemes that people find attractive. Among them, the Kisan Vikas Patra stands out as a popular choice. This scheme has recently become even more advantageous due to a shorter doubling time for investments.
Investment Option
When considering investment options, the Kisan Vikas Patra is worth considering. This post office scheme has been made more lucrative, as the invested amount will now double in 115 months, compared to the previous 120 months.
Safe Investment
The government provides an interest rate of over seven percent for the money invested in this scheme. Post office schemes are generally seen as secure investments, leading to a significant number of people choosing to invest in them.
Interest Calculation
The invested amount in Kisan Vikas Patra will double in 115 months, down from 123 months earlier. The interest is calculated on a compounding basis, as indicated on the post office website.
Interest Rate and Investment Amount
The government offers an annual interest rate of 7.5 percent for Kisan Vikas Patra. Starting with an investment of just Rs. 1000, you can invest in multiples of Rs. 100. There’s no maximum investment limit, and you can open a joint account. The scheme also provides a nominee facility.
Account Opening Process
Even minors below ten years of age can open an account, with adults acting as their guardians. The account gets transferred to the minor once they turn 10. The account opening process is straightforward. Fill the application form, attach the deposit receipt, and include the investment amount either in cash, a check, or a valid demand draft at the post office. Don’t forget to attach your identity card.
Flexibility and Review
Kisan Vikas Patra is a flexible savings scheme. Every three months, the government reviews its interest rate and makes necessary changes.
By following these steps, you can easily invest in the Kisan Vikas Patra scheme and benefit from its advantages.