Post Office’s Kisan Vikas Patra Scheme requires a minimum investment of Rs 1,000 only.
New Delhi: If you’re one of those investors who doesn’t want to risk their money on the stock market but still wants to double it, there’s a scheme for you as well. Your money is also safe when it is deposited in this specific plan. Yes, we’re talking about the Post Office’s Kisan Vikas Patra Small Savings Scheme. If you keep investing, this strategy will surely meet your expectations.
Investments in the Post Office’s Kisan Vikas Patra Scheme can be made personally in the name of a minor. A joint account can also be opened by two adults. Investment in Kisan Vikas Patra must begin with a minimum of Rs 1000. There is no maximum amount that can be invested in this.
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According to the post office’s website, if an investor stays in the Kisan Vikas Patra (KVP) scheme for the entire term, his or her money will double in 124 months. Compound interest is available on Kisan Vikas Patra investments made at the post office. This scheme now offers a 6.9% interest rate on investments.
You can move your Kisan Vikas Patra account from one post office branch to another if you want to. KVP can also be passed from one individual to another. There is also a nominee option in this. Kisan Vikas Patra is available at any post office in the country.
After 30 months, or two and a half years, from the date of issue of the KVP certificate, the maturity (lock-in) of the Kisan Vikas Patra can be encashed. On investments in Kisan Vikas Patra, there is also the benefit of tax exemption. Income tax exemption is available under section 80C of the Income Tax Act in this case.
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To invest in the Kisan Vikas Patra plan, a bank account is opened. Aadhar Card, Residential Proof, KVP Application Form, Age Proof, Passport Size Photograph, and Mobile Number are required for this. On behalf of the government, the post office distributes Kisan Vikas Patra. Cash, check, pay order, or demand draft are all acceptable methods of payment for KVP certificates.
