Kisan Vikas Patra: Some post office schemes can double your money even on long-term investment. One such scheme is Kisan Vikas Patra, in which investment gives you double the return.
Together with the India Post Office, the central government runs many schemes of investment and savings. These investment mediums not only give you guaranteed returns, your money is also safe. In some post office schemes, money is available at a higher rate of interest than a fixed deposit account, while some schemes can also double your money on long-term investment. There is one such scheme- Kisan Vikas Patra, in which investment gives you double returns.
Let us know the benefits of this scheme and its other features-
- Kisan Vikas Patra gives money to the investor at compound interest rate annually. According to the India Post website, at present, it gets compound interest at the rate of 6.9% per annum. These rates are applicable from 1st April, 2020.
- It doubles your money in 124 months. That is, if you invest Rs 5 lakh in it today, it will make your return 10 lakh in the next 10 years, 4 months.
- Its maturity period is 10 years 4 months.
- You can invest up to a minimum of Rs 1,000 in this scheme, there is no limit on the maximum investment.
- Government sells Kisan Vikas Patra Certificate in denominations of Rs.1000, Rs.5,000, Rs.10,000, Rs.50,000.
- You can open any number of accounts under this scheme.
- The benefit of tax exemption is also available on investment in Kisan Vikas Patra. In this, income tax exemption can be taken under section 80C of the Income Tax Act.
- In this, the facility of premature closure is also available with certain conditions. Account holders can also withdraw their money within 2 years 6 months.
Who can open?
- Any adult can invest in this scheme.
- Joint account can also be opened, but not more than three people can be in one account.
- Guardian accounts can be opened in the name of a minor or an unwell person.
- A minor above 10 years can get it opened in his own name.
What documents would be required?
– KVP Application Form
– Aadhar Card
– Residence Proof
– Age Proof
– Passport Size Photo
– Mobile Number
Kisan Vikas Patra is made available by the post office on behalf of the government. KVP certificates can be purchased through cash, cheque, pay order or demand draft. Or you can download the form by visiting this link- Kisan Vikas Patra Form . You can fill this form offline and submit it to the post office along with the required documents.
