by Kisan Vikas Patra is a micro savings scheme offered by the Government of India through the Department of Posts. It is an investment instrument that aims to promote long-term savings among individuals.
The duration of investment in Kisan Vikas Patra is approximately 9.5 years or 115 months. During this period, investors have the opportunity to double their money. This scheme encourages individuals to develop a habit of saving and rewards them for their commitment.
The minimum amount required to open a Kisan Vikas Patra account is Rs 1000. Investors can also deposit multiples of Rs 100 if they wish. The interest is calculated on a monthly, quarterly, or semi-annual basis using the compound interest method. The current interest rate for this scheme is 7.50% per annum.
Individuals can open their accounts individually or jointly. Joint accounts allow up to three members. There is no limit on the number of accounts an individual can open. This flexibility allows individuals to save and invest according to their individual requirements.
By investing in Kisan Vikas Patra, individuals can benefit from the double security offered by the central government. The guarantee of the government adds an extra layer of confidence to the investment.
In conclusion, Kisan Vikas Patra is a micro savings scheme that offers individuals the opportunity to double their investment in a relatively short period. With its attractive interest rate and guarantee of the Central Government, it is a reliable investment option for long-term savings.
