Know about this great scheme of Post Office which doubles your money in 115 months
Post Office KVP Scheme: In this situation, you may rely on the post office’s plans if you want to invest your funds in a plan that offers secure investments and substantial returns. The government itself ensures the security of the investors’ funds in these programs, and they also provide great interest rates. The post office offers a variety of minor savings plans for various age groups and social classes. One of its unique programs is the Kisan Vikas Patra Scheme, which promises investors a 115-day money-doubling period. Give us specific information on investing in it and its advantages.
You may use Rs 1000 to start an account
Nowadays, everyone works hard to make money, which they then invest, and saves part of so they won’t get into financial trouble later. The money is returned on investment, which is what makes the post office’s Kisan Vikas Patra plan the most well-liked. Other than this, investing in it carries no risk. There is no cap on larger investments under the initiative, although investors may begin by registering an account with a minimum of Rs 1000. In other words, you are free to invest as much as you choose.
7.5% strong interest rate for investments
The government also provides a significant interest rate, now 7.50 percent, via the post office’s Kisan Vikas Patra Scheme, which doubles the money. This interest rate is provided annually for investments made in the KVP program. In terms of this scheme’s maturity time, it is 115 months. Additionally, under the KVP Scheme, investors are able to create both single and double accounts.
Multiple accounts may be created by a single individual
The fact that anybody may create as many KVP accounts as they want is another unique feature of this government program. In other words, there is no limit on this; thus, the investor is free to register more accounts or maintain two existing ones. During the Kisan Vikas Patra initiative, a kid who is older than ten years old may register an account in their name.
This computation that doubles the amount
The primary reason why investors continue to choose this strategy is as of right now. Yes, we are discussing how this strategy doubles the money. Let us clarify that the interest on the investment amount in this government program is determined using compound interest. Using the example of investing Rs 1 lakh, we can see that, assuming 7.5 percent interest, the interest earned on this investment at the end of the first year would be Rs 7,500. This sum will be added to the principal amount for the following year, increasing the total to Rs 107,500.
In the second year, the interest on this sum will now be Rs 8,062. This sum will be added to the third-year principal amount at the same time, making it Rs 115,562. In the next years, the sum will continue to rise. Assuming the client invests Rs 5 lakh, this sum will continue to provide returns year after year, and the investor will get Rs 10 lakh at maturity.