Investment Tips: Post office schemes have always been considered a good option for investment. Your money is completely safe in these schemes. There is also a good return available. Today we are going to tell you about a similar scheme of post office in which you can get more interest than FDs of many banks by investing.
This scheme of the post office is Kisan Vikas Patra (KVP) Savings Scheme. It is getting 6.9% interest now. This interest rate is higher than the interest rate available on FDs of many banks in the country. Let us tell you that many big banks of the country are giving interest ranging from 5 to 6% on FD.
Highlights of the scheme
- Under the scheme, a kind of certificate is available which is issued to it like a bond.
- Interest is earned on it at a fixed rate.
- At present, an interest of 6.9% is being given on this.
- It can be purchased from any post office in the country.
How much can you invest
- There is no maximum limit to invest in KVP.
- Minimum investment should be Rs 1000.
- Any amount can be invested in multiples of Rs 100.
Account can be transferred
- One of the specialties of this scheme is that in this one person can transfer the certificate of the scheme to another person.
- Account transfer can also be done from one post office to another post office.
Single and joint account facility
- Single or joint account can be opened under this scheme.
- The age of the account opener should be at least 18 years.
- A minor can also open an account, but it will have to be supervised by his parents.
- The plan has a lock-in period of two and a half years.
- This means that you cannot withdraw money for two and a half years.
In what time does money double?
- According to the current 6.9 percent annual interest rate, your money will double in about 10 years 4 months (124 months).
Disclaimer: (The information provided here is for informational purposes only. Always consult an expert before investing money as an investor. No one is ever advised to invest money from ABPLive.com here.)