Search This Website

Saturday, January 9, 2021

Post office scheme instead of 50 thousand you will get 1 lakh rupees


Post office scheme instead of 50 thousand you will get 1 lakh rupees

Post office scheme instead of 50 thousand you will get 1 lakh rupees
Invest in this one double / post office scheme, instead of 50 thousand you will get 1 lakh rupees

Investing in a post office is considered to be the safest. You can double your hard earned money by investing in Kisan Vikas Patra in a government run post. Under this scheme of post office, the government guarantees to double the amount deposited.

If you are also planning to invest in the long term, you can invest in this scheme. In fact, under this scheme, the money is guaranteed to be doubled in 124 months at present.

The government has fixed the interest rate at 6.9 per cent till September 30, 2021. How long the money will double depends on the interest. With an interest rate of 6.9 per cent at present, the customer is guaranteed to double the money in about 10 years.

Conditions for investing in this scheme
The scheme offers certificates up to Rs.1000, Rs.5000, Rs.10,000 and Rs.50,000. There is no maximum deposit limit. This facility is available in joint account in addition to single account. Must be at least 18 years old to invest. And the investor must be an Indian citizen.
The humble post office near you is probably the only place that can guarantee to double your money. While investments in stocks and mutual funds can also double the money, probably in less time, risks associated with them keep small and vulnerable investors away. This is not the case with small savings schemes offered by the Post Office. The investment in the Small Savings Scheme enjoys sovereign guarantee, i.e. the money deposited in small savings schemes will be returned to the investor by the Government in case of default. So, even if the post office shuts down, the investor would not suffer any loss.

Currently, small savings schemes in the post office are offering higher interest rate as compared to deposit schemes of some of the top banks. Interestingly, post office schemes like Kisan Vikas Patra comes with a declared timeline for doubling the investors’ money.

Double your money

Currently, if you invest Rs 50,000 in KVP today, it will mature and double in 113 months, or 9 years and 5 months.

The minimum amount one can invest in KVP is Rs 1000 and thereon in the multiples of Rs 1000. There is no upper limit of investment.

ALSO READ | Turn Rs 1 Lakh into Rs 1.46 Lakh with this scheme where PM Modi has invested Rs 5 lakh

The interest rate on KVP is 7.6 per cent. This is higher than the interest rates offered on 10-year FDs by SBI and HDFC Bank.

SBI is currently offering 10-year FD at 6.25 per cent, while this rate in HDFC Bank is 6.9 per cent.

Gift KVP certificates

An adult can buy KVP certificate for himself or on behalf of a minor or by two adults from any Departmental Post office. The scheme provides nomination facility.

KVP certificate can be transferred from one person to another and from one post office to another. This means you can gift it to someone else if required.

Moreover, you can encash KVP certificate after 2.5 years from the date of issue.

Important link

No comments:

Post a Comment