Investing in Kisan Vikas Patra of Post Office will double your amount in 10 years and 4 months (124 months). The post office offers nine small savings schemes for the low-income group and those with small deposits.
The post office offers nine small savings schemes for the low-income group and those with small deposits. If you have a small amount of savings to invest, you can invest in these post office savings schemes. One of these schemes is Kisan Vikas Patra. As its name suggests, this scheme is specifically for farmers. But, other classes can also invest in it.
In this post office investment scheme, the depositor gets the benefit of government security on his deposit along with better returns. According to the official website of the post office, if you invest in this scheme for 10 years and 4 months (124 months), then your amount will be doubled. Let us know the complete details of the scheme.
Who can open his account
In this post office scheme, any Indian person who is above 18 years of age can open his account. There is no upper age limit for opening an account under the scheme. Under this, farmers can also buy development certificates in the name of minors. NRI is not eligible for this scheme.
What is the rate of interest
Under the Kisan Vikas Patra Scheme of the Post Office, you will get the benefit of an interest rate of 6.9 percent per annum at present on depositing your money. This interest is compounded annually.
Investment amount
The certificate is issued for the amount invested in the Kisan Vikas Patra Scheme of the Post Office. Any person can invest in this scheme with a minimum of Rs 1,000. If you invest more than Rs 50,000, then you have to provide PAN card for this. The interest on investment in this post office scheme is decided by the Ministry of Finance and is not related to market risks.
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