look news india
New Delhi: Any person starts investing in any scheme after seeing the profits. Some people are also ready to take risks for profit. Therefore, some people prefer to invest in a place where their investment is completely safe and they get guaranteed returns. If you also want to make a safe and guaranteed investment, then the Post Office has a scheme for you. We are talking about Post Office Kisan Vikas Patra, a scheme to double your investment. Know the benefits of this scheme…
Double your money in 115 months
Post Office's Kisan Vikas Patra Scheme guarantees doubling of any investor's money in 115 months. At present, 7.5 percent compound interest is available annually on this scheme. The good thing is that investment in this scheme can be started from Rs 1000 and there is no maximum limit for investment in it. Apart from this, any number of accounts can be opened under the scheme.
Who can open an account
Hearing the name of Kisan Vikas Patra, it seems that this scheme has been made only for farmers. Actually, when SKI was started in 1988, its objective was to double the investment of farmers, but now it has been opened to everyone. Now any adult 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 parent can open an account on behalf of a minor or a mentally unsound person. While opening this account, documents like Aadhar Card, Age Certificate, Passport Size Photo, KPV Application Form etc. are required. Foreign nationals are not eligible for this scheme.
Withdrawal rule before 115 months
Premature withdrawal can be made after 2 years 6 months from the date of deposit in KVP account. But some conditions apply to this, which are as follows.
On death of the KVP holder or one or all the account holders in case of joint account..
On seizure by the mortgagor in case of Gazetted Officer