Post Office Program: The Indian Postal Service provides clients with a variety of savings programs. It may be placed on a monthly or one-time basis.
The best thing is that the amount saved will yield a secure and assured return. One such program is Kisan Vikas Patra, which doubles investments over a certain period of time. The interest rates offered on the program at the start of the year have also been raised by the government.
Awesome post office scheme
The investment amount in the Kisan Vikas Patra plan doubles in just 120 months, or 10 years. The annual interest rate allowed under the program has been raised to 7.2% as of January 1, 2023. The unique feature of this strategy is that investors can begin saving with just Rs. 1000 each month. Although there is no maximum amount that may be invested, it must be at least $1,000.
The money in the scheme is double
You made a lump-sum investment of Rs. 10 lakh in Kisan Vikas Patra. At a 7.2% annual interest rate, the investment capital will double to Rs 20 lakh in 120 months. When this investment of Rs 10 lakh matures, the interest received by adding Rs 10 lakh would total Rs 20 lakh.
Special feature of the scheme
In 1988, the Kisan Vikas Patra program was launched. Under section 80C on investments, a tax deduction of up to Rs 1.5 lakh is possible in this. To combat the threat of money laundering, the government made a PAN card necessary for investments exceeding Rs 50,000 in 2014. If investing 10 lakh or more, income documentation, such as an ITR, a pay stub, and a bank statement, must also be supplied. Aadhaar must also be provided in addition to this as an identification card.
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