look news india
KVP Post Office Scheme: If you are looking for a better option for long term investment and want to get guaranteed returns, then you will find many good schemes in the post office. Kisan Vikas Patra is one of them. The government started this scheme in the year 1988 with the aim of promoting long term financial savings.
Initially this scheme was only for farmers, but now any Indian citizen can invest in it. At present, this scheme is offering interest at the rate of 7.5 percent. KVP scheme guarantees doubling of your investment in 115 months i.e. 9 years 7 months. If you invest Rs 5 lakh in this scheme, then when it matures after 115 months, you will get Rs 10 lakh as return.
How much money can be invested?
Investing in KVP can be started with just Rs 1000. There is no maximum limit on investment in this. But if you invest more than Rs 50,000 in this, then it is mandatory for you to provide PAN card. To prevent the possibility of money laundering, the government has made PAN card mandatory for investing more than Rs 50 thousand in Kisan Vikas Patra in 2014. Whereas if you want to invest Rs 10 lakh or more, then you may have to submit some documents like salary slip, ITR, bank statement and Aadhaar number at the post office.
For whom is this scheme beneficial?
For those who have lump sum extra money but do not want to take any risk with that money and do not need this money in the near future, Kisan Vikas Patra can prove to be a very good deal.
Who can open an account
Under this scheme, any adult above 18 years of age can open a single or joint account. Apart from this, a child above 10 years of age can take Kisan Vikas Patra in his/her name. A guardian can open an account on behalf of a minor or a mentally unsound person. NRIs are not allowed to invest in it. Documents like Aadhar Card, Age Certificate, Passport Size Photo, KVP Application Form etc. may be required while opening an account.
You can withdraw money prematurely with certain conditions
Premature withdrawal can be made after 2 years and 6 months from the date of deposit in KVP account. However, premature deposit can be made at any time under certain circumstances such as-
On the order of the Court on seizure by the mortgagor, in the case of a Gazetted Officer on the death of one or all the account holders, in the case of a KVP holder or a joint account