If you are planning for safe investment, then you can invest in the post office ‘Kisan Vikas Patra’ scheme. The government-run scheme offers a guaranteed double return on investment. It is one of the best post office schemes to invest.
If you are planning to invest in long term, you can invest in this scheme. The government has fixed its interest rate at 6.9 per cent till the second quarter of 2021 i.e September 30.
Some conditions have been made for investing in this scheme. As per the terms, it is a long-term investment scheme. In such a scenario, after a lapse of 124 months after a lump sum investment, the investor is given double returns. Minimum investment is 1000 rupees investment whereas maximum investment has no limit. The minimum age for investment is 18 years.
Certificates of Rs 1000, Rs 5000, Rs 10,000 and up to Rs 50,000 are issued. PAN card information has to be given on an investment of more than 50 thousand rupees. Apart from a single account, a joint account is also available. If you invest Rs 1 lakh in this scheme today, you will get Rs 2 lakh in maturity after 124 months.
Explain that the scheme was first started in 1988 to encourage long-term investment among farmers only. One of its goals was to invest small investments as savings among people living in rural areas. However, later this scheme was opened to all. After retirement, this scheme is accepted hands-on for investment among government employees.