Post Office Scheme: If you invest Rs 4 lakh in this scheme of Post Office, you will get Rs 8 lakh, know how much time will it take..

Post office paisa double scheme: Many such schemes are run by the Post Office, in which investors can get safe and guaranteed returns by investing money. The government has increased the interest rates on small savings schemes of the post office from April 1, 2023, which also includes the post office government scheme Kisan Vikas Patra (KVP) being run in the name of farmers. The Central Government has increased the interest in Kisan Vikas Patra from 7.2 percent to 7.5 percent annually from April 1, 2023. That means now your money will double more quickly in this scheme. Let us know about this scheme.

What is Kisan Vikas Patra (KVP)?
Kisan Vikas Patra is a lump sum investment scheme run by the Government of India. In this scheme, you can double your money within a fixed period. Kisan Vikas Patra Yojana is available for investment in all post offices and big banks of the country. This scheme has been specially designed for farmers so that they can save their money on a long-term basis. The minimum investment in this is Rs 1000. There is no limit on maximum investment.

In how much time will the money double?
The government has increased the interest rates of this scheme from April 1. Now you are getting returns at the rate of 7.5 percent per annum by investing in this scheme. From January 2023 to March 2023, it was taking 120 months for the money to double in this scheme. But now your money will double five months before that i.e. in 115 months i.e. 9 years and 7 months. If you invest Rs 4 lakh in a lump sum, you will get Rs 8 lakh back in 115 months. The good thing is that you also get the benefit of compounding interest in this scheme. That means you earn interest on interest also.

Discount available on opening accounts-
You can start investing in Kisan Vikas Patra with just Rs 1000. After this investment can be made in multiples of Rs 100. Any number of accounts can be opened under the scheme. The account can be opened by a single person or 3 adults together can open a joint account. Nominee facility is also available in this. Children above 10 years of age can open a KVP account in their own name. A guardian can open an account on behalf of a minor or a person of unsound mind.

If you want to close your KVP account then-
Your account can be prematurely closed after 2 years and 6 months from the date of deposit. KVP can be closed on the death of a single account or death of any or all the account holders in a joint account, on seizure by the mortgagee being a Gazette Office Officer, and when ordered by the Court. By submitting the application along with the pledgee's acceptance letter to the concerned post office, the account can be mortgaged or it can also be transferred as security.

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