Investment Tips: Post office schemes have always been considered a good option for investment. These schemes keep your money completely safe and also give good returns. Today we are going to tell you about a post office scheme, by investing in them you can get more interest than FDs of many banks.
This post office scheme is Kisan Vikas Patra (KVP) Savings Scheme. It is currently paying 6.9% interest. Many of the country's largest banks are paying 5 to 6% interest on FD.
Highlights of the scheme :
- This scheme provides a type of certificate that is issued like a bond.
- Here, interest is paid at a fixed rate.
- It is currently paying 9% interest.
- It can be purchased from any post office in the country.
How much can invest :
- There is no maximum limit to invest in KVP.
- The minimum investment should be Rs. 1000.
- You can invest any amount in multiples of Rs. 100.
Account may be transferred
- One of the features of the scheme is that one person can transfer the certificate of the scheme to another person.
- Accounts can also be transferred from one post office to another post office.
Single and Joint Account Facility :
- A single or joint account can be opened.
- Account holder age should be at least 18 years old.
- A minor can also open an account but it will have to be supervised by their parents.
Lock-in Period :
- The plan has a lock-in period of two and a half years.
- It means you can't withdraw money for two and a half years.
In how much time, money gets double?
- Your money will double in about 10 years 4 months (124 months) at the current 9 percent annual interest rate.
How much interest these banks are paying on two-and-a-half year FD :
- SBI (5.10%), Punjab National Bank (5.10%), Bank of Baroda (5.10%), ICICI (5.15%), HDFC (5.15%)
Disclaimer: The information provided here is for information purpose only. And always consult an expert before investing your money as an investor. No one is ever advised here by ABPLive.com to invest money.