You can also get double the money by investing in this scheme, know the details!

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Saving is very important because this is the one thing which proves to be most beneficial in times of trouble. Therefore everyone is advised to invest in something or the other. Most people consistently invest a portion of their earnings, which grows manifold over several years. Today we are going to tell you about a scheme in which your money will be doubled.

Post Office Saving Scheme

This is not a chit fund scheme but a government backed scheme launched in post office accounts. This scheme is called Kisan Vikas Patra (KVP). It is a small savings scheme with a fixed interest rate designed to encourage long-term investment and savings among people.

Get assured returns

If you are afraid of investing in any other savings scheme or avoid taking risks, then this scheme is best suited for you. In this scheme you get assured returns and there is no risk in it. Now you can buy Kisan Vikas Patra from both post offices and public sector banks. You can invest a minimum of one thousand rupees in this scheme.

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How does money double?

When you buy Kisan Vikas Patra, the tenure is decided based on the prevailing interest rate. This is determined by how long it will take for the value of your money to double. At present the interest rate is 7.5 percent, so you will have to invest for 9 years and 7 months. This means that your money will double after this period.

The interest rate is revised every quarter. If you have already purchased a Development Certificate, the tenure will not be affected by subsequent amendments. If you need money earlier then you can withdraw it after 2 years and 6 months, although in that case the benefit will be less.