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Post Office Scheme: Every investor wants his money to double as soon as he invests. He tries to find the best scheme. But it is important to keep in mind that you do not lose money in this process. By the way, there are many schemes which can not only double your money with guarantee, but also assure security. You just need to be a little patient. Many such schemes are run by the post office, one of which is Kisan Vikas Patra. Investors can get safe and guaranteed returns by investing in this scheme. This scheme is currently giving annual interest at the rate of 7.5 percent. Let us know about this scheme.
What is Kisan Vikas Patra (KVP)?
Kisan Vikas Patra is a lump sum investment scheme run by the Government of India. In this scheme, you can double your money in a fixed period. Kisan Vikas Patra Yojana is available for investment in all post offices and big banks of the country. This scheme is specially designed for farmers, so that they can save their money for a long time. The minimum investment in this is Rs 1000. There is no limit on maximum investment.
in how much time the money will double
By investing in this scheme, you are getting an annual return of 7.5 percent. Last year in April 2023, its interest rates were increased from 7.2 percent to 7.5 percent. From January 2023 to March 2023, it was taking 120 months for the money to double in this scheme. But after this, your money will double five months earlier i.e. in 115 months i.e. 9 years and 7 months.
How will 5 lakh become 10 lakh?
So according to the current interest rate, if you invest 5 lakhs in this scheme today, then you will get 10 lakh rupees back in the next 115 months i.e. 9 years and 7 months. That is, you will earn 5 lakh rupees directly from interest. If you invest 4 lakh rupees in lump sum in the scheme, then you will get 8 lakh rupees back in 115 months. The good thing is that in this scheme you also get the benefit of compound interest. That is, you earn interest on interest as well.
Discount is available on opening an account
You can start investing in Kisan Vikas Patra with just Rs 1000. After this, investment can be made in multiples of Rs 100. Any number of accounts can be opened under the scheme. A single account and 3 adults can open a joint account. Nominee facility is also available in this. Children above 10 years of age can open a KVP account in their name. Guardians can open an account on behalf of a minor or a mentally ill person.
If you want to close your KVP account then
You can close the account prematurely after 2 years and 6 months from the date of deposit. KVP can be closed on the death of any one of the account holders or death of any one or all the account holders in a joint account, seizure by the pledgee by a gazetted office officer and order by the court. You can pledge the account or transfer it as security by submitting an application along with the acceptance letter of the pledgee in the concerned post office.
Is KVP taxable?
Finally, let us tell you that you have to pay tax on the interest received from the Kisan Vikas Patra scheme. The interest of this scheme comes under taxable income and at the time of filing ITR, you have to show it under 'income from other sources'.
