Along with banks, post offices also offer FD schemes and post offices are considered as trustworthy as banks due to being government.
If you want to get good returns from government schemes, then you can get better returns by investing in small savings schemes of post office. Explain that investing in FD is considered a safe option. Due to rising interest rates in the recent past, it has become a good attractive option for investors. Along with banks, post offices also offer FD schemes and post offices are considered as trustworthy as banks due to being government.
In such a situation, if you are planning to get a new FD, then this can be a good opportunity for you due to the increasing interest rate. Here you are being told about the Post Office FD scheme, in which the money will double in 123 months by investing. Let us tell you that Kisan Vikas Patra (KVP) is one such popular FD scheme run by the post office. In which the interest received on Kisan Vikas Patra was increased recently by the government, now in this FD scheme, money is doubling in 123 months i.e. 10 years and 3 months.
Any citizen above 18 years of age can invest in this scheme. Apart from this, any guardian can get KVP done on the basis of minor. You can start with a minimum investment of Rs 1,000 in KVP and there is no maximum investment limit. Let us tell you that by investing in KVP, you also get income tax exemption under section 80C of Income Tax.
Interest rate on Kisan Vikas Patra
In the last few months, interest rates have been increased rapidly by the RBI, after which the interest on FDs is also being increased by banks. Because of this, the government has increased the interest rates on small savings schemes by 0.30 percent for the third quarter (October to December) in September. In this hike, the interest payable on KVP has been increased by 0.1 percent to 7 percent, from 6.9 percent earlier. Due to which now customers will get more benefit.
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