Kisan Vikas Patra: Whenever it comes to investment, Fixed Deposit (FD) is given priority among safe options. But, there is another great option that gives guaranteed returns along with security – Post Office Small Savings Schemes.
If you are also looking for such a safe investment option in which you get good interest, then you must pay attention to Kisan Vikas Patra once. There is a guarantee of doubling the amount invested in this scheme. This means that if you invest Rs 10 lakh in this scheme, then after maturity you will get double i.e. Rs 20 lakh.
In how much time will the money double
In this scheme, there is a guarantee of doubling the money after 115 months (9 years, 7 months). Currently, 7.5 percent interest is being given on this scheme. This interest is calculated on an annual basis. The special thing about this scheme is that the investor can start investing with just Rs 1000 and there is no maximum limit of investment. Apart from this, you can open any number of bank accounts for this scheme.
About Kisan Vikas Patra Scheme
This scheme was launched in the year 1988. This scheme aimed to double the investment amount of farmers. Initially, this scheme was only for farmers, but later anyone could invest in it. Now single accounts as well as joint accounts can be opened in this scheme. Along with this, an account of a child above 10 years can also be opened.
Process of opening a child’s account
To open a child’s account, parents have to submit an Aadhar card, age certificate, passport-size photo, KYC form, etc. Along with the child’s Aadhar card, the Aadhar card of the parents has to be submitted. Currently, this scheme is only for Indian citizens. NRIs are not eligible for this scheme.
A great option
Kisan Vikas Patra is a great option for those who want guaranteed returns with safe investments. This scheme is suitable for long-term investment and by investing in it you can be assured that your amount will double in a certain time. This is a very attractive scheme for investors who want low risk.