If you also want to double your money in a safe way, then you can invest money in this post office scheme. In this scheme, your money gets doubled in a fixed period. The minimum investment in this is Rs 1000. Know everything about this great scheme…
New Delhi. Investing is a good habit, because in bad times only our deposits are always useful for us. But the person remains entangled in this confusion that where to invest, where his money is safe as well as good returns. So let us tell you today about a similar scheme, where your money will be safe as well as you will get double return on maturity. This is the Kisan Vikas Patra (KVP) scheme of the Post Office. Let me tell you everything about it…
Kisan Vikas Patra is a one time investment scheme of the Government of India, where your money is doubled in a fixed period. Kisan Vikas Patra is present in all the post offices and big banks of the country. Its maturity period is currently 124 months. The minimum investment in this is Rs 1000. There is no limit on maximum investment. This plan has been made for special farmers, so that they can save their money for a long time.
Who can invest?
The minimum age of the person investing in Kisan Vikas Patra (KVP) is 18 years. In addition to a single account, there is also the facility of a joint account. At the same time, this scheme is also available for minors, which has to be looked after by the guardian. This scheme is also applicable for Trusts except Hindu Undivided Family i.e. HUF or NRI. There are certificates up to Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000 for investing in Kisan Vikas Patra (KVP), which can be purchased.
Rate of interest
The interest rate for KVP in the first quarter of FY 2021 has been fixed at 6.9 percent. Here your investment will double in 124 months. If you invest Rs 1 lakh in lump sum, you will get Rs 2 lakh on maturity. 124 months is the maturity period of this scheme. This scheme does not come under the Income Tax Act 80C. Therefore, any return that comes will be taxed. TDS is not deducted in this scheme.
There is also facility to transfer
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 form of a passbook.
These documents are required
To invest in this scheme, you need Aadhar Card, PAN Card, Voter ID Card, Driving License, Passport, KVP Application Form, Address Proof and Birth Certificate.
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