If you want to double the amount of your investment then you must think of investing in the post office Kisan Vikas Patra scheme. This is a very popular small saving scheme supported by the central government. Investing in Kisan Vikas Patra scheme guarantees secured investment and better returns in future. The rate of interest for this scheme is fixed by the government on a quarterly basis.
According to India Post website, the maturity period of Kisan Vikas Patra scheme, has now been changed from 113 months to 124 months. That is, your investment in this scheme will now be doubled in 124 months. The interest rate in this scheme is 6.90 percent from April 1, 2020, which was 7.60 percent earlier.
Take for example, if a person invests one lakh rupees in Kisan Vikas Patra today, then after 124 months, he will get two lakh rupees through this scheme. This guaranteed investment is a big thing for any investor amid the global economic downturn and business uncertainties. The stock markets are facing a sharp decline at this time. Due to Coronavirus outbreak, there is a crisis across the world, so investors can invest in this post office scheme to get guaranteed returns in future.
Kisan Vikas Patra Eligibility
The applicant should be an adult and a resident Indian.
He can apply for Kisan Vikas Patra in his own name or on behalf of a minor.
Trusts are also eligible to invest in this scheme. HUFs (Hindu Undivided Family) & NRIs are not eligible to invest in KVP.
Benefits of Kisan Vikas Patra
Here are the benefits of Kisan Vikas Patra Scheme:
Flexibility of denominations - A KVP certificate is given in various denominations that provide flexibility to people. The denominations vary from Rs.100 to a maximum of Rs.50,000.
Guaranteed returns - It is a scheme offered by the Central Government. Therefore, the investor can be sure of returns on the invested amount.
Risk-free investment - Kisan Vikas Patra is one of the best options if you are looking for a risk-free investment option.
Kisan Vikas Patra: How to Apply
Kisan Vikas Patra Online and Offline Process
Here is how you can invest in the Kisan Vikas Patra online scheme.
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Get a KVP application form or Form-A, from the post office.
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Fill in all the relevant details and submit it at the post office.
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If the investment is made through an agent then a second form will have to be filled up & submitted. The agent should fill in Form-A1.
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Both the forms are available for download on the official website - https://www.indiapost.gov.in/. The forms can be downloaded online, filled & submitted.
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You will have to provide a copy of your identity proofs for KYC process. You many use Aadhaar Card/ Driving Licence/Passport/ Voter ID Card/PAN Card.
