Put up Workplace New Plan: Doubling cash with publish workplace scheme Rs 1,00,000 to Rs 2,00,000 in 124 months , know right here full particulars

Put up Workplace scheme: If you need assured returns in the long run, then you may spend money on publish workplace schemes. On some schemes of the publish workplace, traders are getting extra curiosity than the fastened deposits (FDs) of many banks.

Put up Workplace Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Financial savings Scheme (SCSS) are a number of the schemes the place you may get greater than 7 per cent returns. On the similar time, in one other fashionable scheme Kisan Vikas Patra (KVP), you may benefit from 6.9 % compound curiosity yearly. Right here we'll inform what's particular within the Kisan Vikas Patra (KVP) scheme.

Kisan Vikas Patra (KVP)

KVP is an fascinating scheme. This scheme can double your deposit quantity in 10 years and 4 months (124 months) on the prevailing rate of interest. For those who begin a KVP deposit of Rs 1 lakh right this moment, it is going to improve to Rs 2 lakh within the subsequent 124 months.

The present rate of interest of 6.9% on KVP deposits is larger than that of many financial institution fastened deposits. Allow us to take a look at a number of the key options of this small financial savings scheme-

  • Minimal and Most Deposit: You may deposit a minimal of Rs 1000 in KVP after which in multiples of Rs 100. There isn't any most restrict for funding below this scheme. You may open any variety of KVP accounts.
  • Maturity: The quantity deposited below KVP matures as per the interval prescribed by the Ministry of Finance every now and then. At the moment, in the event you deposit right this moment, it is going to mature after 124 months. Nevertheless, untimely withdrawal is allowed in particular circumstances.
  • Switch : In case of demise of the account holder, the KVP account for the nominee/authorized inheritor will be transferred from particular person to person- to the joint holder on the demise of the account holder; On the orders of the Courtroom and mortgage of the account to the Specified Authority.

Ought to I spend money on Small Financial savings Scheme?

Small financial savings schemes like KVP supplied by the publish workplace supply assured returns to traders who can't afford to lose their hard-earned cash. Aside from this, many publish workplace schemes like PPF, SSY and SCSS supply larger rates of interest and tax advantages as in comparison with time period deposits of banks.

Nevertheless, if you're not afraid of taking dangers, you may spend money on market-oriented schemes like mutual funds and shares. Right here you may get larger returns and double the cash sooner than within the publish workplace scheme. However earlier than investing in mutual funds or shares, you must do thorough analysis and seek the advice of an expert monetary advisor.

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