Secured investment:Post Office Kisan Vikas Patra Scheme or SBI Fixed Deposit, find out where you can get more benefits by investing
Post Office Small Savings Schemes are earning more interest than Fixed Deposit (FD). You will get 6.9% interest on investing money in Post Office Kisan Vikas Patra (KVP) scheme. The country's largest bank SBI is offering a maximum interest rate of 5.40% on fixed deposits. We are telling you here where investing will benefit you the most.
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Kisan Vikas Patra (KVP)
Kisan Vikas Patra (KVP) Savings Scheme is currently offering 6.9% interest.
There is no maximum investment limit in KVP. However, your minimum investment should be Rs.
The investor must be at least 18 years of age. It also has the facility of joint account apart from single account.
Minors can also be included in the scheme. But that account has to be handled by their parents.
If you want to withdraw your investment you have to wait at least 2.5 years. It has a lock-in period of two and a half years.
The amount deposited under this is exempted under Section 80C of the Income Tax Act.
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You can invest
in SBI Fixed Deposit for 7 days to 10 years. You can make Fixed Deposit (FD) for 7 days to 10 years in State Bank of India (SBI) , the largest bank in the country. This bank is giving you 2.9 to 5.4% interest. See here how much interest you will get for FD for which period of SBI.
How much interest does SBI pay on FD
Duration | New rates for ordinary citizens (%) |
| 7 to 45 days | 2.9 |
| 46 to 179 days | 3.9 |
| 180 to 210 days | 4.4 |
| 211 to one year | 4.4 |
| More than 1 year Less than 2 years | 4.9 |
| More than 2 years Less than 3 years | 5.1 |
| More than 3 years Less than 5 years | 5.3 |
| 5 years to 10 years | 5.4 |
Tax Exemption Benefit on
Investment for 5 Years Tax Exemption can be availed under Section 80C of the Income Tax Act, 1961 on investment in FDs for 5 years. Tax exemption is available on investments up to Rs 1.5 lakh under 80C.
Where will your money double quickly if you invest?
Kisan Vikas Patra
You are getting maximum interest of 6.90% on investing in it. In such a case, according to Rule of 72, if you invest money in this scheme, it will take about 10 years and 4 months for the money to double.
SBI Fixed Deposit is
getting maximum interest of 5.40%. In this case, according to Rule of 72, if you invest money in this scheme, it will take 13 years and 4 months for the money to double.
What is Rule 72?
Rule of 72 is a special rule of finance. Experts consider it the most accurate rule, which determines how long your investment will double. You can understand it this way that if you have opted for a particular bank scheme where you get 8% interest per annum, then in such a case you have to pay 8th out of 72 under Rule 72. In this case you have 72/8 = 9 years, which means your money will double in 3 years.
Note- The bank and post office periodically review the interest rate.
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