₹ 10 Lakh to 20 Lakh in 115 Months, Know Post Office Scheme to Double Money – India TV Hindi

Under this scheme, you can open and deposit as many accounts as you want.  - India TV Money

Photo: India TV Under this scheme, you can open and deposit as many accounts as you want.

How cool would it be if your lump sum doubled? Yes, one such post office scheme is Kisan Vikas Putra (KVP) which doubles any amount directly in 115 months. This means, if you deposit Rs 10 lakh in this scheme today, it will directly become Rs 20 lakh after next 115 months. Investing in Kisan Vikasputra is also very safe, as it is a savings scheme of the Government of India. This means you don’t have to worry about your money, it will be completely safe. In such a situation, if you are also interested in doubling your money then you can invest in it. Let us tell you all about this scheme here.

Who can open a KVP account?

According to India Post’s official website, any Indian citizen can open an account for Kisan Vikasputra Scheme. Not only this, a joint account can be opened by three people simultaneously. Apart from this, the guardian can also open an account in the name of a minor or mentally challenged person. Also, if a minor is above 10 years of age, he can open a Kisan Vikasputra account in his own name.

Interest rates and investments

Currently, Kisan Vikasputra Scheme is offering an interest rate of 7.5% per annum. We inform you, the rate of interest on this scheme is fixed by the Government of India (Ministry of Finance) from time to time. You can invest a minimum of Rs 1000 in this scheme and you can invest any amount in multiples of 100. Not only this, under this scheme you can open as many accounts as you want and invest money. The amount of the deposit shall be at the maturity period as fixed by the Ministry of Finance from time to time, applicable on the date of deposit. Under this scheme, the deposit amount is doubled in 115 months or 9 years and 7 months.

You can withdraw money before maturity but

Kisan Vikasputra Scheme can be terminated before maturity subject to certain conditions. This can happen when one or all of the account holders in a single account or joint account dies. Further, the mortgagee being a gazetted officer may have the effect of foreclosure. Also, if the court gives an order, it can be closed. According to the official website, this account can usually be closed after 2 years and 6 months from the date of deposit. This account can also be transferred from one person to another person subject to certain conditions or circumstances.

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