Post Office Kisan Vikas Patra Scheme is one of the most popular small saving schemes provided by the Central Government. In this regard, a recent development has been done. Now, small savings schemes interest rate revision, the new Kisan Vikas Patra account will have a maturity period of 124 months instead of 113 months.
What is Post Office Kisan Vikas Patra Scheme?
Adding to it, the annual interest rate on the Post Office Kisan Vikas Patra account is 6.9%, which was earlier 7.6%. Once, you have invested in the Post Office scheme, the investor gets a guarantee from the government that his or her money is secured and that too with a guaranteed return.
Is Post Office Kisan Vikas Patra Scheme secured?
According to Jiutendra Solanki, "Interest rate in Post Office Kisan Vikas Patra is fixed throughout the investment period at the annual interest rate available at the time of account opening. Example, if someone had opened the Post Office Kisan Vikas Patra account in January to March 2020 quarter this year, he or she will get an annual interest rate of 7.6% till his or her investment period. New rates will be applicable to the new accounts getting opened in the April - June 2020 quarter."
Hence, it can be said that the return in Post Office Kisan Vikas Patra account is secured and fixed. However, annual interest on the Post Office Kisan Vikas Patra is slashed from 7.6 percent - 6.9 percent. Now, the new Kisan Vikas Patra account holder has a chance to double their money.
How to double your money from Post Office Kisan Vikas Patra account (KVP)?
Solanki said, "New maturity period of the KVP account is 124 months means 10 years and four months instead of 113 months. If a person invests Rs 1,000 in one's Post Office KVP account today, this Rs 1,000 will become around Rs 2,000 at the time of maturity after 124 months. It's advisable to those who believe in a diversified portfolio where some part of the portfolio must be invested in secured and guaranteed return plans."
Adding to it, the official India Post website i.e. indiapost.gov.in claims that your money will get doubled in 124 months.
Post Office KVP Important Information:
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It is to be noted that, for an investor investing in Post Office KVP, the minimum amount to be invested is Rs 1,000 & the amount has to be in the multiple of Rs 100 only.
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There is also no limit on the maximum amount to be invested in this scheme account.
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The KVP can be purchased from any Departmental Post office & the facility of nomination is present there.
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The KVP certificate bought by the investor can be transferred from one person to another also from one post office to another. It can be en-cashed after 2 & 1/2 years from the issued date.
