Stories
Post Office Double Jackpot Scheme: Invest Rs 1 Lakh and Get Rs 2 Lakh
- •Kisan Vikas Patra is a popular small savings scheme offered by the Post Office where invested money doubles over a specified period.
- •The current interest rate for the scheme is 7.5 percent per annum with an investment tenure of 115 months.
- •Investors can start with a minimum of Rs 1,000 with no maximum investment limit, and anyone aged 10 or above can invest.
- •The scheme offers additional facilities like transferring the account, using it as collateral for a loan, and premature closure under special circumstances.
Key Questions Answered
The interest rate for the Kisan Vikas Patra (KVP) scheme is currently 7.5% per annum, and it has been kept unchanged by the government for the October-December quarter. The investment tenure for the scheme is 115 months, which equals 9 years and 7 months, at the end of which the invested principal amount doubles.
Any citizen of the country aged 10 or above can invest in the Kisan Vikas Patra scheme. You can start investing with a minimum amount of just Rs 1,000, and there is no maximum investment limit set for the scheme.
Generally, a KVP account cannot be closed prematurely because it carries a lock-in period of 115 months. However, early closure is permitted under special circumstances such as the death of the account holder, a court order, or the confiscation of a pledged KVP.
