Popular Govt Scheme That Doubles Your Investment On Maturity, Check New Interest Rate

Kisan Vikas Patra, popularly known as KVP, is a famous small savings scheme that scores of investors consider and opt for long-term investments. Government reviews interest rate for Kisan Vikas Patra scheme every three months.

This time the central government has kept interest rates for several popular small savings schemes unchanged for the 1st quarter of next financial year starting from April 1, 2024. Popular scheme Sukanya Samridhi offers an interest rate of 8.2% and 7.1% for 3-year term deposits. Meanwhile, Public Provident Fund offers an interest rate of 7.1%. On the other hand, Kisan Vikas Patra offers an interest rate of 7.5% on an annual basis.

Kisan Vikas Patra promises to double your investment on maturity and probably this is the reason why the scheme has attracted the attention of several new and experienced investors. The scheme seeks to encourage the long-term saving habits. The scheme helps in doubling the investment of investors in a time-frame of nearly 9.5 years or 115 months. The scheme offers fixed rate of 7.5% compounded annual return. If you decide to invest an amount of Rs 10,000 in Kisan Vikas Patra, you will earn a corpus of Rs 20,000 on maturity that is 115 months.

Minimum Investment In Kisan Vikas Patra Scheme
Kisan Vikas Patra lets you open the account with the minimum investment of Rs 1000 and in multiples of Rs 100. Additionally, investors will also be able to invest as much money as they desire in the scheme because there is no limit on the maximum balance.

Kisan Vikas Patra 2024: Who Is Eligible To Open Kisan Vikas Patra Account?
An adult can open a KVP account either an individual or joint (up to 3 adults). Moreover, children aged 10 and above will also be eligible to open KVP accounts under their names. Meanwhile, guardians will also be authorized to open KVP accounts on behalf of minors or individuals with mental incapacities.

How To Open Kisan Vikas Patra Account Online Via Post Office Internet Banking?

• You need to log in to DOP Internet Banking
• Under "General Services", click on New Request Option
• Click On NSC account
• Now Open NSC account and KVP account in order open a KVP account
• Now you must enter amount for which NSC to be opened where minimum amount is Rs 1000 and in multiple of
• Choose Debit Account linked PO saving account
• Press on the option "Click Here" in order to go through the terms and conditions and "accept terms and conditions"
• Submit online
• Fill the transaction password and submit
• Now you may log into again to see details of NSC opened under "Account"

Invest Rs 300 per day for 1 year to double it in 115 months
The major highlight of Kisan Vikas Patra scheme is its investment doubling aspect. It implies that your investment amount will double in 115 months or nearly 9 years and 7 months. It also implies that if you begin to invest Rs 300 a day regularly for 1 year, the investment will be doubled in 115 months. Let us suppose you invest Rs 300 a day for 1 year, the amount will become Rs 1,09,500. As the investment doubling period has been fixed at 115 months with the current interest rate of 7.5% (compounded annually), the investment will double to Rs 2,19,000 in 9 years and 7 months.