Post Office Small Savings Schemes ( Post Office Small Saving Schemes) that you can take advantage of better returns by investing.
The special thing is that the money invested in it is also completely safe. The government has a sovereign guarantee on the entire money invested here. Kisan Vikas Patra is also included in the small savings schemes of the post office. By investing in this scheme, your money will double in 124 months.
So much interest
- At present, an interest rate of 6.9 percent is present in the Kisan Vikas Patra of the Post Office . In this the interest is compounded annually. This interest rate is applicable from 1st April 2020.
- A minimum investment of Rs 1000 will have to be made in this post office scheme. Investment will have to be made in multiples of Rs 100. There is no maximum investment limit.
- Farmers can open a joint account in Vikas Patra. Apart from this, a person of weak mind or a guardian on behalf of a minor can also open the account. In this scheme, a minor above the age of 10 years can open an account in his own name.
Such benefits
The amount deposited in this scheme will mature on the basis of maturity period as notified by the Ministry of Finance from time to time. This will be seen from the date of submission.
In this case, the account transfer would take place.
On the death of the account holder, it can be transferred to his nominee or legal heir. In case of death of the account holder, the account can be transferred to the joint holder. Account transfer can be done on court order. Apart from this, the account can be mortgaged to any authority.
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