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Public Provident Fund: In today's time, every person searches for many options for investment. There are many investment schemes available in India. If we discuss the most influential scheme, the Kisan Vikas Patra Scheme launched by the Post Office is especially noteworthy.
Under this scheme, the investor is assured of attractive returns, and your invested money doubles in just 115 months. If you are also thinking of investing in this post office scheme, then know that not only is your money safe, but the government also guarantees this scheme.
While investing in the Kisan Vikas Patra Scheme launched by the Post Office, the facility to double the money in 115 months is available. This is a government scheme, in which there is no risk. Today through this article we will present all the important information about Kisan Vikas Patra (KVP) Scheme in detail.
What is Kisan Vikas Patra (KVP) Scheme?
Kisan Vikas Patra is an important government investment scheme, which is operated by the Post Office. By investing lump sum under this scheme, your money doubles in a fixed period. Currently, all citizens investing in this scheme receive an annual interest of 7.5%.
To invest, you have to go to your nearest post office and open an account. You can start this scheme with a minimum of ₹1000, and there is no limit on the maximum amount.
Money doubles in just 115 months
Kisan Vikas Patra is a type of savings scheme, in which you get double the entire money on completion of maturity. Earlier the duration of this scheme was 120 months, but the government has increased the interest rate to 7.5%. For this reason, the investment period is now only 115 months, meaning you will get your money double in 9 years and 7 months.
Understand the benefits of investment with an example
For example, under the Kisan Vikas Patra Scheme, you can invest a maximum of Rs 6 lakh. All citizens will get interest at the rate of 7.5% by the post office. If your invested amount is ₹6 lakh, after 115 months, it will convert into ₹12 lakh. If you invest ₹7 lakh in this scheme, you will get a return of ₹14 lakh on maturity.
How to open account in KVP scheme
Under Kisan Vikas Patra Yojana, you can invest in single or joint account. In this scheme, three people can also open a joint account. It is mandatory to add a nominee in this process, so that in the absence of the investor, investment can be made through the nominee.
Premature account closure option
Kisan Vikas Patra also offers the facility of premature closure of the account if you are unable to invest. The account can be closed approximately 2 years and 6 months after opening it. On premature closure of the account, the benefit of interest is available as per certain conditions. This scheme is suitable for those who need money in between for some reason.