Small Savings Scheme: Chance To Double Your Savings In A Short Time, Better Scheme Than Fixed Deposits

Many people choose the way of saving for their future needs. Generally, if we keep our money with us, it is as much as we keep. Our cash may not have any security if we give it to outside interest for the same income. Most people do not know what schemes are there to save, so many people put their money in share markets or other risky schemes and sometimes lose. But there are many schemes that can double our cash in a very short period of time. There are schemes that are better than interest rates offered by the State Bank of India on fixed deposits. Our invested money is safe and doubles in a few months. In recent times many banks have been offering higher interest rates on fixed deposits and fixed-income groups are showing more interest in them. In the month of October this year, the State Bank of India (SBI) announced to increase in interest rates by up to 80 basis points. After this hike, the State Bank of India is offering maximum interest to common people. It offers an interest rate of 6.25% on deposits maturing in 2 to 3 years and a maximum interest rate of 6.90% on deposits maturing in 5 to 10 years for senior citizens. But for fixed-income groups looking for better interest rates, Kisan Vikas Patra, Post Office Savings Scheme not only doubles investors’ money, but also offers significantly higher interest rates than fixed deposits offered by the State Bank of India.

Kisan Vikas Patra

Kisan Vikas Patra is one of the small savings schemes offered by the Government of India. The investment amount will double within 123 months during the tenure of the scheme. That means our savings will double in just 10 years and 3 months. This account can be opened at any post office in the country. The minimum deposit in this scheme is Rs. 1000 maximum can be deposited. A single person can open any number of accounts under this scheme. On several small savings schemes, the government has increased interest rates by 30 basis points for the third quarter of the current fiscal (October to December) or fiscal 2023. The government has revised the tenure and interest rates of Kisan Vikas Patra (KVP). Compared to the previous interest rate of 6.9 percent with a maturity period of 124 months, the scheme has now increased the interest rate to 7 percent along with shortening the tenure by one month. Thus, the interest rate under this scheme is higher than the interest rates offered by many banks on fixed deposits. For example, if you invest Rs.1 lakh in this scheme today (04-11-2022), you will get Rs.2 lakh when it matures on January 5, 2032.