Post Office: You are getting double the benefit in this scheme of Post Office, it will take so much time for 5 lakhs to become 10 lakhs...
Every person wants to secure his future by saving some part of his income. Keeping these needs of the people in mind, the Indian Postal Department is running many saving schemes, in which people are getting a lot of benefits. There are many such schemes which are quite popular among the people.
One of these schemes of the Post Office is Kisan Vikas Patra. This is a Small Saving Scheme. It is for small to big investors. Like this scheme, the Post Office is giving good returns and investors are also getting huge profits on investment. This is one of the most beneficial and return-giving schemes of the post office.
This is a scheme of the Indian Postal Department in which the investor's money doubles after a certain time. Investment in this scheme (Kisan Vikas Patra) is getting an interest rate of more than 7 percent. In this, the amount invested doubles in 9 years 7 months i.e. 115 months.
Actually, in this scheme, interest on investment is calculated according to compound interest. If you invest Rs 5 lakh in this scheme, it becomes Rs 10 lakh after a certain time.
The minimum limit of investment in this scheme is Rs 1000 while the maximum limit is not fixed. You can invest anything above Rs 1000 in Kisan Vikas Patra as per your capacity.
Any Indian farmer can invest in the Vikas Patra Scheme. Under this, parents can open the account of children below 10 years of age and any of the parents can be the nominee.
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