Post Office scheme: Invest Rs 1000, return money will double in 115 month. A 10-year-old child can also open an account
Post Office scheme: Invest Rs 1000, return money will double. Today, there are many investing possibilities available, but the majority of them are dangerous. In such cases, those seeking complete security and guaranteed returns on investment may find the Post Office Kisan Vikas Patra (KVP) scheme useful. This strategy promises to double your money in 115 months, which equates to 9 years and 7 months.
The KVP scheme presently has an annual interest rate of 7.5%. Under this rate, you will get double the amount in your investment in 115 months. In this scheme, you can begin the investment from as low as Rs 1000, and the maximum has no limitation. The documents required to open up an account under the KVP scheme are as follows.
- Aadhar Card
- Age Proof
- Passport Size Photo
- KVP Application Form
This account can be opened by any adult single or joint. Children over the age of ten are also eligible to open accounts in their names. However, this scheme is not available to non-resident Indians. However, this scheme is not available for a non-resident Indian.
In case you need money before the end of the investment period, you may withdraw it after 2 years and 6 months from when you open the account. Withdrawing money abruptly is permitted on certain occasions when, for example, the account holder dies or there is an order by court.
