Your money will be safe in this post office scheme, interest will also be more than FD
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Investment Tips: Post office schemes have always been considered a good option for investment. In these schemes, your money is completely safe and good returns are also 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 in it.
This scheme of the post office is Kisan Vikas Patra (KVP) Savings Scheme. In this it is getting 6.9% interest now. Let us tell you that many big banks of the country are giving interest ranging from 5 to 6% on FD.
Scheme Highlights
- Under the scheme, a kind of certificate is available which is issued like a bond.
- It earns interest at a fixed rate.
- On this At present, interest of 9% is available.
- It can be purchased from any post office in the country.
How much can I 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 may be transferred
- A special feature of this scheme is that one person can transfer the certificate of the scheme to another person.
- Account can also be transferred from one post office to another post office. .
Single and Joint account facility
- Single or joint account can be opened.
- The age of the account opener should be at least 18 years.
- Minor can also open the account but it should be maintained by him/her. Parents have to.
lock in period
- The scheme has a lock-in period of two and a half years.
- It means you cannot withdraw money for two and a half years.
In how much time does money double?
- At the current rate of 9 per cent per annum, your money will double in about 10 years 4 months (124 months).
These banks are giving this much interest on FD of two and a half years
- SBI (5.10%), Punjab National Bank (5.10%), Bank of Baroda (5.10%), ICICI (5.15%), HDFC (5.15%)
Disclaimer: (The information provided here is for informational purposes only. Always consult an expert before investing money as an investor. Never advise anyone to invest here from ABPLive.com )
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