Post Office Scheme: By investing in the small saving scheme Kisan Vikas Patra of the post office, your money becomes double. Investment in the scheme can be started with just Rs 1000.
Post Office Scheme: If you are one of those investors who do not want to take the risk of the stock market and want to double the money, then there is such a scheme for you too. The security of your money deposited in this special scheme is also guaranteed. Yes, we are talking about the Small Saving Scheme of the Post Office, Kisan Vikas Patra. This scheme will absolutely live up to your expectations, provided you keep investing.
Who can invest in
In the Kisan Vikas Patra Scheme of the Post Office, investment can be made personally, in the name of a minor. Two adults can also open a joint account together. Investment in Kisan Vikas Patra has to be started with at least Rs 1000. There is no maximum limit for investment in this.
In how much time money becomes double
According to the information given on the website of the post office, if the investor remains in the Kisan Vikas Patra (KVP) scheme for the entire time, then the money doubles in 124 months. Compound interest is available on investment in Kisan Vikas Patra in the post office. At present, 6.9% interest is available on investment in this scheme.
Can also transfer account
If you want, you can also transfer your Kisan Vikas Patra account from one post office branch to another branch. Even KVP can be transferred from one person to another. Nominee facility is also available in this. Kisan Vikas Patra can be purchased from any post office across the country.
When can encash
The maturity (lock-in) of Kisan Vikas Patra can be en-cashed after 30 months i.e. two and a half years from the date of issue of KVP certificate. The benefit of tax exemption is also available on investment in Kisan Vikas Patra. In this, income tax exemption can be taken under section 80C of the Income Tax Act.
Keep these documents ready
An account is opened to invest in Kisan Vikas Patra Scheme. For this you will need Aadhar Card, Residential Proof, KVP Application Form, Age Proof, Passport Size Photograph and Mobile Number. Kisan Vikas Patra is made available by the post office on behalf of the government. KVP certificates can be purchased through cash, cheque, pay order or demand draft.