The Kisan Vikas Patra (KVP) scheme is a lucrative investment opportunity offered by the post office, known for doubling your money. As a government-backed scheme, it carries no risk and ensures guaranteed returns. This popular investment option, run by the Government of India, is available through the post office.
The Kisan Vikas Patra scheme offers the assurance of doubling your money over a fixed period. Currently, the scheme provides an annual interest rate of 7.5%, making it an attractive option for those seeking secure, long-term investments. It allows for a lump sum deposit, which can be made through the post office or major banks.
Under the KVP scheme, you can start with a minimum investment of ₹1,000, with no upper limit. The current annual interest rate is 7.5%, which was increased in April 2023 from the previous rate of 7.2%. Initially, it took 120 months for the investment to double, but now it only takes 115 months (9 years and 7 months) for the amount to double.
If you invest ₹5 lakhs in the KVP scheme, the interest rate of 7.5% per annum will ensure your money doubles in 115 months. That means your ₹5 lakh investment will turn into ₹10 lakhs in 9 years and 7 months. Similarly, if you invest ₹6 lakhs, you will receive ₹12 lakhs at the end of the same period.
The KVP scheme allows you to open an account either individually or jointly. Up to three people can open a joint account together. It is mandatory to designate a nominee while opening the account. Additionally, you have the option to close the account after 2 years and 6 months if needed.
