New Delhi. India Post Office is the only postal institution in the country where investment money is fully guaranteed to be safe. If any person deposits even crores of rupees in the post office, then the central government guarantees the security of this money. It means to say that the money deposited in the post office can never sink. Whereas deposits in the bank are not completely safe.
Then whether the bank is government or private, only your 5 lakh rupees is safe. It includes both principal and interest. At the same time, the post office also has good savings schemes and also gets more interest. There is also a savings scheme of the post office where once the money is deposited, it gets doubled back.
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Under this scheme the money is double
The name of the scheme of India Post Office under which money is doubled is Kisan Vikas Patra (KVP). In this post office scheme, the money becomes double. At present, 6.9 percent interest is being given in KVP. This interest is much higher than the FDs of banks. It takes 10 years and 4 months to double the money in the Kisan Vikas Patra (KVP) scheme of the post office.
Minimum amount of investment
A minimum deposit of Rs 1000 can be made in the KVP deposit scheme of the post office. After this, any amount of money can be deposited in it in multiples of 100 rupees. That is, after 1000 rupees in KVP, 1100 rupees or so on can be deposited any amount further.
KVP has the exemption of repeated investment
Anyone can invest in Kisan Vikas Patra in his own name or up to 3 people jointly. Not only this, any person can invest in KVP more than once.
FD interest rates
Post Office Time Deposit (TD) The interest rate on time deposits ranging from 1 to three years is 5.5 percent. If you make a Time Deposit (TD) for 5 years, you will get an interest rate of 6.7 per cent. Due to the reduction in the interest rates of post office deposit schemes, while new depositors will get less interest, the interest of many schemes will also decrease for those who have already deposited money.
Investment plan and interest rates
Sukanya Samriddhi Scheme 7.6%
Senior Citizen Saving Scheme 7.4%
Public Provident Fund 7.1%
National Saving Certificate 6.8%
Monthly Income Scheme 6.6%
Post Office Savings Account 4%
Post Office Recurring Deposit 5.8%
Senior Citizen Saving Scheme 7.4%