Double Rs 1 lakh, Rs 5 lakh, Rs 10 lakh and much more with this Post Office scheme - Check interest rate

Government schemes have gained popularity among individuals because of the great interest rates they offer as well as affordability. Not only that, state-owned small saving schemes are offering various tax rebates exactly like the ones given by banks. Some of the schemes are time deposits, senior savings accounts, national saving recurring deposits, national saving certificates, national saving monthly account and normal savings account. Interestingly, there is one scheme that is offered by Post Office that offers guarantee for doubling your invested amount. Be it Rs 1,000 or Rs 1 lakh, Rs 5 lakh or more, as much as you want to extend your investment, you will still get double the amount  on maturity. This is the power of government-scheme Kisan Vikas Patra! 

An individual can earn up to 7.7% interest rates over here. Importantly, just like PPF, interest earned is compounded annually. A minimum Rs 1000 is needed to begin the investment, however, there are no maximum limit. Amount invested is expected to double in 112 months. 

Here’s how your amount gets doubled. 

If you decide to invest let’s say Rs 1000 per month for maturity period of 112 months. Your investment value becomes Rs 1,12,000. But you take home double the amount Rs 2,24,000. 

(Image source: DailyTools Calculator)

Similarly, if you decide to invest Rs 5,000 a month for 112 months, your investment value becomes Rs 5,60,000. But you take home on maturity a whopping Rs 11.20 lakh.

(Image source: DailyTools Calculator)

Just like that if you, let’s say, decide to invest Rs 10 lakh for 112 months,  on maturity you take home Rs 20 lakh. 

(Image source: DailyTools Calculator)

It needs to be noted that, in Kisan Vikas Patra scheme it is necessary that minimum monthly investment is Rs 1,000. If you have more funds you can always decide it above Rs 1,000 as there is no maximum limit, it need not necessary have to be only Rs 5,000 or Rs 10,000 monthly installments. You can choose your investment amount as per your flexibility. 

Some of the features are:

• Certificate can be purchased by an adult for himself or on behalf of a minor or by two adults.
• KVP can be purchased from any Departmental Post office.
• Facility of nomination is available.
• Certificate can be transferred from one person to another and from one post office to another.
• Certificate can be en cash after 2 & 1/2 years from the date of issue.