Kisan Vikas Patra: The Indian post office offers the Kisan Vikas Patra scheme, which is a risk-free investment option that many people in the country prefer. It’s a good option for long-term investors because it lets investors double their money in 120 months. The interest rates of all post office plans are reviewed on a regular basis by the government.
In December 2022, the interest rates of many small savings plans, including Kisan Vikas Patra, were raised. Customers will now be able to earn interest rates of up to 1.10 percent, and their funds will be doubled three months earlier than they were previously.
Investors can double their money in just ten years with the Kisan Vikas Patra scheme’s interest rate of 7.20 percent, up from 7.00% earlier. The rate goes into effect on January 1, 2023. It is accessible to individuals from all walks of life because one can begin investing with as little as Rs 1,000 and there is no maximum investment limit.
Investors have the option of designating a nominee to claim the funds in the event of the account holder’s death prior to maturity, and the scheme supports single and joint accounts.
Anyone over the age of 10 can open a Kisan Vikas Patra account with the help of a parent or guardian. Visit the nearest post office, complete the account opening form, and pay the application fee to open an account. Investors will receive a Kisan Vikas Patra certificate once the account is opened.
