For investors looking for a safe investment, the 32-year-old post office scheme can come in handy. Guaranteed returns are available in this scheme and the money is doubled in a given period of time.
Bank Fixed Deposit interest rates are at the lowest level ever. In such a situation, this is not a good time to invest in bank FDs. Small savings schemes of the post office are offering more interest than banks. For investors looking for a safe investment, the 32-year-old post office scheme can come in handy. Guaranteed returns are available in this scheme and the money is doubled in a given period of time.
Kisan Vikas Patra (KVP) is such a scheme of the post office where the bank gets more than the FD and your money doubles in 124 months. KVP is a good investment option for those who want guaranteed returns. This is a one time investment scheme of the Government of India, where your money is doubled in a fixed period. Government guarantee is available on post office schemes.
124 months paisa will be double
Interest is being given in KVP at the rate of 6.9 percent. The amount invested in KVP doubles in 124 months i.e. 10 years and 4 months. If you invest 1 lakh rupees in it, then after 124 months your money will become 2 lakh rupees.
A minimum investment of Rs 1,000 has to be made in this scheme. At the same time, there is no limit on the maximum investment. You get this in the form of a certificate, in which certificates up to Rs 1000, 2000, 5000, 10000 and 50000 can be taken.
Highlights of the scheme
>> The age of the investor in Kisan Vikas Patra should be at least 18 years.
>> Any account can be opened in this single and joint. In this, a maximum of three adults can open a joint account. If the account is to be opened in the name of the children, then the parents or guardian will have to take care of it.
>> Application for investment in the scheme can be made in any post office. The applicant should have identity proof such as Aadhar card, PAN card, Voter ID card, Driving license and Passport.
>> In the Kisan Vikas Patra scheme, the option of a nominee is also available.
How to take money on maturity
The maturity amount can be obtained from any post office on completion of the scheme tenure. For this, the beneficiary will have to show his identity slip in the post office. If the beneficiary does not have an identity slip, then he can withdraw the amount only from the post office from where he has taken the Kisan Vikas Patra Certificate.
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