Individuals are looking for a safe, high-returning investment. Fixed deposits were the go-to investment instrument for most of us until a few months ago, but banks have now decreased the rate of interest to the point where it's a waste of money to store your savings there. Instead, one can put money into any of the India Post' plans, which provide substantial returns along with security.
The Kisan Vikas Patra (KVP) scheme is one such long-term investment by the Post Office, which offers investors the potential to double their money in around ten years.
Kisan Vikas Patra Scheme and how can you invest in it:
India Post's Kisan Vikas Patra Scheme is a one-time investment opportunity. The scheme's investments are doubled after a set period of time.
You can invest in the Kisan Vikas Patra plan at any of the country's large banks or post offices.
Maturity period for Kisan Vikas Patra Scheme:
The Kisan Vikas Patra Scheme currently has a 124-month maturity period. On investments made in the scheme, the government is offering a 6.9% interest rate.
Minimum amount of money that can be invested in the Kisan Vikas Patra Scheme:
To begin your investment adventure with the Kisan Vikas Patra Scheme, you must invest a minimum of Rs 1000. The scheme accepts investments in the form of certificates with denominations of Rs 1000, Rs 5000, Rs 10,000, and Rs 50,000.
Necessary documents for Kisan Vikas Patra Scheme investments:
For investments in KVP schemes worth more than Rs 50,000, PAN cards are required. Investors must also present their Aadhaar card as proof of identity.
If you invest Rs 10 lakh or more in the scheme, you must additionally provide proof of income in the form of an ITR, a salary slip, or a bank statement.
Kisan Vikas Patra's Characteristics:
Because KVP schemes are not affected by market volatility, they guarantee returns. However, one of the scheme's minor limitations is that investments are not tax-exempt under section 80C of the Income Tax Act. Another disadvantage is that because the investments have a thirty-month lock-in term, investors are unable to withdraw the funds at maturity.
