Kisan Vikas Patra: The Kisan Vikas Patra scheme is a risk-free investment option offered by the Indian post office, which is a preferred choice for many people in the country. It allows investors to double their money in 120 months, making it a good option for those looking for long-term investment. The government regularly reviews the interest rates of all post office schemes, and in December 2022, the interest rates of many small savings schemes, including Kisan Vikas Patra, were increased. Customers can now earn up to 1.10 per cent more interest, and their money will be doubled three months earlier than before.
The Kisan Vikas Patra scheme offers an interest rate of 7.20 per cent, up from 7.00 per cent earlier, effective from January 1, 2023, allowing investors to double their money in just 10 years. One can start investing with just Rs 1,000, and there is no maximum investment limit, making it accessible to people from all walks of life.
The scheme allows for both single and joint accounts, and investors can choose a nominee to claim the money in case of the account holder's death before maturity.
Opening a Kisan Vikas Patra account is easy, and anyone above 10 years of age can do so with a guardian to operate it. To open an account, one needs to visit the nearest post office, fill out the account opening form, and submit the application money. Once the account is opened, investors will receive a certificate of Kisan Vikas Patra.
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