Post Office Scheme: This Post Office scheme guarantees doubling of money in just 115 months, check complete details of the scheme
Post Office KVP Scheme: Post Office Small Savings Schemes are not only popular for safe investment, but they also remain the first choice of investors due to the high interest rate given by the government.
Post Office KVP Scheme: If you want to invest your savings in a scheme with safe investment and strong returns, then in this case you can trust the schemes being run by the post office. In these schemes, the government itself guarantees the safety of the investors’ money, but the interest is also excellent in them. Post Office runs different small savings schemes for every age and every class and a special scheme in it is Kisan Vikas Patra Scheme, which guarantees investors to double their money in just 115 days. Let us know in detail about investing in it and its benefits…
You can open an account with Rs 1000
Everyone earns money by working hard in today’s time and invests it by saving some of it, so that he does not have to face financial difficulties in the future. The thing that makes the Post Office KVP Scheme the most popular is that the money is returned on investment in it. Apart from this, there is no risk on investment in it. Under the scheme, investors can start investing by opening an account with a minimum of Rs 1000, while there is no limit for higher investment. That is, you can invest as much as you want.
Strong interest of 7.5% on investment
In this Kisan Vikas Patra Scheme of the post office, which doubles the money, the government also gives excellent interest, which is currently 7.50 percent. This interest rate is given on investment in KVP scheme on an annual basis. Talking about the maturity period of this scheme, it is 115 months. Along with this, investors can open both single and double accounts under the KVP Scheme.
One person can open multiple accounts
Another special thing about this government scheme is that any person can open any number of KVP accounts. Meaning no limit has been set for this and if the investor wants to keep two accounts, he can do so or can open more accounts. During the scheme, an account can be opened in this Kisan Vikas Patra scheme in the name of a child above 10 years of age.
This calculation of doubling the money
Now the most important thing for which this scheme remains the first choice of investors. Yes, we are talking about how the money gets doubled in this scheme. So let us tell you that in this government scheme, the interest on the investment amount is calculated on the basis of compounding. Let us understand this with the example of investing Rs 1 lakh. On investing this amount, based on 7.5% interest, the interest received at the end of the first year will be Rs 7500 and this amount will be added to the principal amount for the next year and the amount will increase to Rs 1,07,500.
Now the interest on this amount will be Rs 8,062 in the second year. At the same time, this amount will be added to the principal amount for the third year and will become Rs 1,15,562. Similarly, the amount will keep increasing in the coming years. Now suppose the investor invests Rs 5 lakh, according to this, this amount will also keep getting benefits year after year and investors will get Rs 10 lakh on maturity.
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