Investing in Post Office’s savings scheme is the first choice of people because in this, along with good returns, your money is also fully guaranteed. If you also want to double your money soon, then you can do it in Kisan Vikas Patra.
New Delhi. Banks and post offices are considered the best options for safe investment. Here, along with the returns, your money is also fully guaranteed. Let us inform that many small saving schemes are operated by the Post Office.
One of these is Kisan Vikas Patra. The Ministry of Finance has increased KVP by a whopping 30 basis points. Till now KVP was getting 7.2 percent interest. Now it has been increased to 7.5 percent. The new interest rate will be applicable from 1 April 2023, which is till 30 June 2023.
Kisan Vikas Patra is a one time investment scheme issued by the Government of India, where your money doubles in a fixed period. Kisan Vikas Patra is present in all post offices and big banks of the country.
Due to the change in the interest rate, now investors’ money will double in 115 months instead of 120 months. The minimum investment in this is Rs 1000. There is no limit on maximum investment. Especially this plan has been made for the farmers, so that they can save their money on long term basis.
Know what are the rules of investment
The person investing in Kisan Vikas Patra (KVP) must be at least 18 years old. Apart from single account, there is also facility of joint account. At the same time, this scheme is also available for minors, who have to be looked after by the guardian.
This scheme is also applicable for trusts other than Hindu Undivided Family ie HUF or NRI. To invest in Kisan Vikas Patra, there are certificates up to Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000, which can be purchased.
Transfer facility is also available
Kisan Vikas Patra can be encashed after two and a half years from the date of issue. KVP can also be transferred from one post office to another post office. Kisan Vikas Patra can be transferred from one person to another.
Nomination facility is available in KVP. Kisan Vikas Patra is issued in the shape of a passbook. To invest in this scheme, you need Aadhaar Card, PAN Card, Voter ID Card, Driving License, Passport, KVP Application Form, Address Proof and Birth Certificate.
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