Post Office small savings scheme investment calculation: Want to double your investment? There is probably no big financial institution which can guarantee to double your investment faster than the post office at present. While bank fixed deposits could be seen as one of the options, which comes with some sort of guarantee on returns, the interest rate offered by leading banks like SBI and HDFC are low.

By investing Rs 5000, or any other amount, in Kisan Vikas Patra (KVP) of Post Ofice, you can get a guaranteed Rs 10,000 in 113 months (9 years and 5 months) at the current 7.6 per cent interest rate. If you invest the same amount in SBI Fixed Deposit, it will grow to just Rs 8965 in 113 months. Rs 10,000 will grow to Rs 1,79,31 and Rs 1 lakh to Rs 1,79,318 in the same period in SBI, according to SBI’s online maturity value calculator.

The SBI is currently offering 6.25 interest on deposits for 5-10 years.

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In HDFC fixed deposit, Rs 5000 will grow to Rs 9526 in 113 months, Rs 10,000 to Rs 19,049 and Rs 1 lakh to Rs 190,490 in the same period, according to HDFC Bank Fixed Deposit calculator.

HDFC Bank is currently offering 6.9 per cent interest to such deposits.

In comparison to SBI and HDFC Bank, Post Office’s KVP is offering 7.6 per cent interest, which is compounded annually.

Post Office Kisan Vikas Patra features

You can deposit a minimum Rs 1000 and further in multiples of Rs 1000 in KVP. There is no upper investment limit.

According to the official Post Office website, an adult person can buy KVP certificates for himself or on behalf of a minor from any Departmental Post Office.

Two adults can also buy KVP jointly. KVP comes with a nomination facility. It can be transferred from one person to another and from one post office to another. You can also encash the KVP certificates after 2.5 years from the date of issue.

Post office also offers other schemes like Time Deposits, PPF, Sukanya Samriddhi Yojana, National Savings Scheme and Monthly Income Scheme with healthy interest rates to interested investors.