Fixed-income investors are scrambling to find a bank that guarantees the highest interest rates in light of rising interest rates on bank fixed deposits. Individuals should be aware that State Bank of India (SBI) had recently announced an increase of up to 80 basis points in interest rates on October 22, 2022. After the most recent uptick, SBI is now offering maximum interest to the general public. Senior citizens with a maximum interest rate of 6.25% on deposits maturing in 2 to 3 years and 6.90% on deposits maturing in 5 to 10 years. Fixed income investors looking for better interest rates should know that Kisan Vikas Patra, a post office savings scheme not only doubles investors’ money but also offers interest rates that are much higher than SBI FDs.
Kisan Vikas Patra
Kisan Vikas Patra (KVP) is a small savings scheme supported by the Government of India. The investment amount doubles during the term of the plan, which is 123 months (10 years and 3 months). A KVP account can be opened by a single adult, a joint account (up to 3 adults), a guardian on behalf of a minor or a person of unsound mind or a minor above the age of 10 years at any post office in the country. His own name Minimum deposit Rs. 1000 in multiples of Rs. 100, there is no upper limit for opening the account.
Under this plan, a resident customer can open an unlimited number of accounts. KVPs can be transferred from person to person when the account holder dies leaving the nominee or legal heirs, when the account holder dies leaving the joint holders, when a court orders it, or when the account is designated by the designated authority. is mortgaged.
Kisan Vikas Patra Calculator
On several small savings schemes, the government had increased interest rates by 30 basis points (bps) for the third quarter (October to December) of the current fiscal or FY13. The government has changed the tenure and interest rates of Kisan Vikas Patra (KVP). Compared to the previous interest rate of 6.9 per cent and maturity period of 124 months, the new rate for KVP will be 7 per cent and maturity period of 123 months. As a result, the interest rate offered by KVP is higher as compared to FDs from reputed institutions like SBI as well as ICICI Bank, HDFC Bank, Axis Bank, BoB, PNB and many more. If you invest Rs. 1 lakh in KVP today, you will get Rs. 2,00,000 when it matures on December 29, 2031.
see full image
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.