Post Office Investment Scheme: In this post office investment scheme, the money will double in 124 months. Whereas, doubling money in banks is taking more time.
Post Office Investment Scheme: Interest rates available on bank fixed deposits are at the lowest level ever. In such a situation, this is not a good time to invest in bank FDs. Small savings schemes of post office are giving more interest than banks. The 32-year old post office scheme can come in handy for investors looking for a safe investment. The plan offers guaranteed returns and doubles the money in a given period.
Kisan Vikas Patra (KVP) is a post office scheme where the bank gets more than the FD and your money doubles in 124 months. KVP is a good investment option for those who want guaranteed returns. This is a lump sum investment scheme of the Government of India, where your money is doubled in a given period. Government guarantee is also available on post office schemes.
Money will be doubled in 124 months
Interest is being given in KVP at the rate of 6.9 percent. The amount invested in KVP doubles in 124 months i.e. 10 years 4 months. If you invest 1 lakh rupees in it, then after 124 months your money will become 2 lakh rupees.
At least Rs 1,000 has to be invested in this scheme. At the same time, there is no limit on the maximum investment. You get this in the form of a certificate, in which certificates up to Rs 1000, 2000, 5000, 10000 and 50000 can be taken.
What are the main features of this scheme?
- The age of the investor in Kisan Vikas Patra should be at least 18 years.
- Any account can be opened in this single or joint. A maximum of three adults can open a joint account in this. If the account is to be opened in the name of the children, then the parent or guardian will have to take care of it.
- Application for investment in the scheme can be made at any post office. Applicant should have identity proof like Aadhar Card, PAN Card, Voter ID Card, Driving License and Passport.
- The option of a person enrolled in the Kisan Vikas Patra Yojana is also available.
How to get money on maturity?
The maturity amount can be obtained from any post office on completion of the plan period. For this, the beneficiary will have to show his identity slip at the post office. If the beneficiary does not have the identity slip, then he can withdraw the amount only from the post office from where he has taken the Kisan Vikas Patra certificate.
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