Planning to invest long term? Then, the post office Kisan Vikas Patra (KVP) scheme can be the best option for you. KVP scheme is a one-time investment scheme of the Government of India. Under which, your money doubles in a given period. Kisan Vikas Patra is present in all post offices and big banks of the country with a maturity period of 124 months.
Double your money with Kisan Vikas Patra:
The minimum investment in this scheme is Rs 1000 and there is no maximum investment limit. The plan has been made for specific farmers so that they can save their money for a long time.
Eligibility to invest in Kisan Vikas Patra scheme:
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A person must be at least 18 years old to invest in KVP. Besides a single account, it also has the facility of a joint account.
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Minors too can be included in the scheme. However, their parents will have to maintain it.
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It is to be noted that Hindu Undivided families (HUF) and NRIs cannot participate in the scheme. But the scheme applies to trusts.
Benefits of Kisan Vikas Patra:
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KVP which can also be called a Small Savings Scheme gives a guarantee of getting returns without any risk.
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KVP is a safe way to invest and after the end of its maturity period, you will get the invested amount along with interest.
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Kisan Vikas Patra does not come under the Income Tax Act 80C. Therefore, whatever returns will be taxed, TDS is not deducted.
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The current interest rate in KVP is 6.9 percent. You will get Compound Interest on your investment.
How investment is done in KVP?
In Kisan Vikas Patra scheme, the investment is done in the form of certificate. KVP has certificates up to Rs 1000, Rs 5000, Rs 10,000 and up to Rs 50,000, which can be purchased.
In how many days money is doubled?
In Kisan Vikas Patra, the money deposited doubles after maturity period. As per the post office website, the maturity period of KVP scheme is 124 months. Thus, it is understood that your money will be doubled after 10 years and 4 months.
Required documents for Kisan Vikas Patra:
- Identity proof for KYC process
- Aadhar Card
- Pan Card
- Driving license
- Voter ID card
- Address proof
- Passport
- KVP Application Form
- Birth certificate
