This scheme will double in 123 months, more profitable than SBI FD.

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The maturity of KVP was the first 124 months, the interest rate on them was 6.9%. Now its term has been increased to 123 months, and the interest rate has been increased to 7 percent. Thus, customers benefit twice from KVP.

run through the banks fixed deposit (FD) makes more profit than before. After the increase in the repo rate, the FD rate also continues to grow. The country’s largest state-owned bank, State Bank of India, recently announced an increase in the FD rate. Under the new SBI rates, effective October 22, customers receive 80 basis points more than the FD interest rate. Thus, the State Bank provides 6.25% per annum for PD for a period of 2 to 3 years to the population and 6.90% for pensioners for PD for a period of 5 to 10 years. But do you want to get even higher profits? If so, please describe the specific scheme.

If you want to earn a fixed income without any risk, then the Kisan Vikas Patra scheme may be the most beneficial for you. This scheme operates at the post office, which is a savings scheme. With this scheme, depositors’ money can be doubled very quickly. Most importantly, Kisan Vikas Patra or KVP make more profit than SBI FD.

Kisan Vikas Patra

Kisan Vikas Patra or KVP is a Government of India scheme which is operated through the Post Office. This is a small savings scheme where you can make high returns by depositing less money. The most important thing about this scheme is that it doubles the deposited money in 123 months, that is, in 10 years and 3 months. A KVP account can be opened at any post office located anywhere in the country. This account can be opened by a guardian for a single account, a joint account (maximum 3 adults) and a minor or mentally ill child.

A KVP account can be opened in the name of a child over 10 years of age. The amount can be deposited into the account in multiples of at least 1000 or 100 rupees. The maximum deposit amount is not limited.

Changes in the KVP scheme

The government recently increased interest rates under the Small Savings Scheme. This increase was made for the quarter from October to December. The government has announced changes to the tenure and interest rates of Kisan Vikas Patra. The maturity of KVP was the first 124 months, the interest rate on them was 6.9%. Now its term has been increased to 123 months, and the interest rate has been increased to 7 percent. Thus, customers benefit twice from KVP.

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After this increase, interest in the KVP became higher than in the FD of the State Bank. In addition, ICICI Bank, HDFC Bank, Axis Bank, Bank of Baroda, PNB and other banks are also getting more interest in KVP. If you invest 1 million rupees in KVP today, then on December 30, 2031 you will receive 2,00,000 rupees.

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