Kisan Vikas Patra (KVP) is included in the small saving schemes of the post office. Let us know about this scheme in detail.
If you are thinking of investing in the coming days, then you can do it in the savings schemes of the post office. You definitely get good returns in these schemes. Also, the money invested in it is also completely safe. If the bank defaults , then you get back only Rs 5 lakh. But this is not the case in the Post Office . Apart from this, investment in post office savings schemes can be started with a very small amount. Kisan Vikas Patra (KVP) is included in the small saving schemes of the post office . Let us know about this scheme in detail.
Rate of interest
At present, the interest rate of 6.9 percent per annum is present in the Kisan Vikas Patra Scheme of the Post Office. The interest in this scheme is compounded on an annual basis. This interest rate is applicable from 1st April 2020. The money invested in this small savings scheme doubles in 124 months i.e. 10 years and 4 months.
Investment amount
At least 1000 rupees will have to be invested in this government scheme. In this scheme, you will have to invest in multiples of Rs 100. There is no maximum limit for investment in this scheme.
Who can open account?
An adult can open an account in the Kisan Vikas Patra of the post office. Apart from this, up to three adults can open a joint account together in the scheme. In the Kisan Vikas Patra, the guardian can open the account on behalf of the minor or the guardian on behalf of the person of weak mind. In this scheme, a minor above the age of 10 years can also open an account in his own name.
Maturity
The amount deposited in this small savings scheme will mature on the maturity period as prescribed by the Ministry of Finance from time to time. Maturity will be applicable from the date of deposit.
Premature closure
The account in Kisan Vikas Patra can be closed at any time before maturity under certain conditions. The account can be closed on the death of a single account holder or on the death of all the account holders in the joint account. With this, the account will have to be closed on the orders of the court. Apart from this, the account can be closed after two years and six months from the date of deposit.
