Post Office KVP Scheme: If you like secured investment, then there is a scheme available for you in the post office which guarantees doubling of your invested amount. Meaning if you are investing Rs 10 lakh, then you are sure to get Rs 20 lakh on maturity. Know the special things related to this scheme.
Post Office KVP Scheme: If you are a person who likes secured investment and guaranteed returns, then you can invest in the post office. Many types of schemes are run in the post office on which you are given better interest. One of these schemes is Kisan Vikas Patra. This is a very old scheme. On this scheme, the government guarantees investors to double their amount. Meaning if you are investing Rs 10 lakh, then you are sure to get Rs 20 lakh on maturity. Let us tell you the important things related to this scheme.
In how much time will the money double?
Kisan Vikas Patra scheme guarantees any investor to double the investment in 115 months (9 years, 7 months). Currently, this scheme is getting interest at the rate of 7.5%. Interest is calculated on an annual basis. In the scheme, a person can start investing from Rs 1000 and there is no maximum investment limit. Apart from this, any number of accounts can be opened under this scheme.
Who can open an account
Kisan Vikas Patra scheme was started in 1988, then its purpose was to double the investment of farmers, but now it has been opened for everyone. Now any adult person can open a single or joint account in it. Apart from this, a child above 10 years of age can take Kisan Vikas Patra in his name. Guardians can open an account on behalf of a minor or a person of unsound mind. While opening an account, you may need documents like Aadhaar card, age certificate, passport size photograph, KVP application form etc. NRI is not eligible for this scheme.
Which documents are required while opening an account?
While opening an account, you may need documents like Aadhaar card, age certificate, passport size photograph, KVP application form etc. NRI is not eligible for this scheme.
If you want to make a premature withdrawal…
Premature withdrawal can be done after 2 years and 6 months from the date of depositing the KVP account. However, under certain special circumstances, you can make a pre-mature deposit anytime like-
- In case of KVP holder or joint account, on death of one or all the account holders
- In case of gazette officer, on confiscation by the mortgagee
- On the order of the court
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