Double Your Money with This Post Office Scheme : Every investor wants to get a bumper return of 20, 30 or 50% in his investment. If you invest in the stock market or mutual funds, then the risk is high there. If you want a safe and guaranteed return, then you can also invest money in the post office savings schemes. There is also a scheme of the post office, in which the investor’s money is doubled. However, for this you have to be patient and stay invested for a long time. This is the Kisan Vikas Patra scheme of the post office. Let’s know about this scheme.
Double Your Money with This Post Office Scheme
India Post launched the Kisan Vikas Patra scheme in the year 1988. At that time this scheme was only for farmers. Later Indian Post opened this scheme for all. In this scheme, investors can double their money without any risk. This scheme doubles your money in a fixed time. Today you can invest as much money as you want in this scheme.
Who can open an Kisan Vikas Patra account?
Any Indian citizen can open an account in this scheme. Three adults can also open a joint account together. Guardians can open an account in the name of a minor or mentally ill person. Apart from this, a minor above 10 years of age can also invest in Kisan Vikas Patra.
Double Your Money with This Post Office KVP Scheme
In how many days will your money double in Kisan Vikas Patra, it depends on the interest rate being offered on this scheme. The government fixes the interest rate of this scheme every three months. At present, 7.50% interest rate is being offered in Kisan Vikas Patra. This is the annual compound interest rate. According to this interest rate, this scheme will double your money in 115 months i.e. 9 years and 7 months. That is, if you invest Rs 5 lakh in this scheme, then after 115 months you will get Rs 10 lakh.
How much money will have to be deposited?
In this scheme, you can make a lump sum investment of minimum Rs 1000. At the same time, there is no limit on maximum investment. That is, you can double any amount.
Kisan Vikas Patra Premature withdrawal
- Kisan Vikas Patra can be closed before maturity under these circumstances:
- On death of single account holder or on death of one or all account holders in joint account
- In case of seizure by mortgagee
- On court order
How to apply for Kisan Vikas Patra?
To invest in KVP, you have to go to post office or bank and take its form and submit it. For KYC, you have to submit ID and address proof copy (PAN, Aadhaar, Voter ID, Driver’s license or Passport).
After the documents are verified, you have to deposit the money. You can deposit the money by cash, cheque or demand draft.
If you give cash, you will get KVP certificate immediately. You have to keep it safe with you. At the time of maturity, you have to submit this certificate. In case you deposit money through cheque or demand draft, you will get Kisan Vikas Patra after some time.
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