If you want a safe and secure future then you must start saving or investing some money from now. Let me tell you that post office offers several schemes where farmers can invest a very small amount of money and get big return.
Moreover, there are many options of Small Saving Schemes in the Post Office and you need to choose the best one to invest your money. Here, we will discuss the schemes where farmers can invest their money and get the utmost benefit out of it.
What is Post Office Kisan Vikas Patra Scheme?
Kisan Vikas Patra is a small savings scheme of Post Office that offers an interest rate of 6.9 percent. At the current rate, KVP will take 124 months or 10 years and four months to double your money.
At a minimum amount of Rs 1,000, the KVP account can be opened and thereafter in multiples of Rs 100. There is no maximum limit.
Kisan Vikas Patra Scheme Details:
If you also want to invest your money in a good place, Post Office Kisan Vikas Patra Scheme is very helpful. Through this scheme, you will get double benefit in time of maturity once you invest. Moreover, you can open one account for a minimum of Rs 1000 and through the Post Office Kisan Vikas Patra, you are given double benefits with a guarantee on investment.
Single adults can open a Kisan Vikas Patra (KVP) account while three adults can open a joint account. An account can be opened by the guardian on behalf of a minor or on behalf of a person with a differently-abled mind. Above 10 year old minors can get his KVP account in his own name.
Any number of accounts can be opened under this scheme.Moreover, under the below conditions, KVP account can be prematurely closed any time before maturity:
What are the conditions?
a. If there is death of a person with a single account, or all the account holders in a joint account.
b. On forfeiture by a pledgee being a Gazette officer
c. If court orders
d. From the date of deposit, after 2 years and 6 months
-In the following conditions, KVP may be transferred from one person to another person:
a. If the death of the account-holder then account will be transferred to his/her nominee/legal heirs.
b. If the death of the account holder then it will be transferred to the joint holder(s).
c. If court orders.
d. On pledging of account to the specified authority.
-Any Departmental Post office can sell Kisan Vikas Patra (KVP) schemes.
-Nomination facilities are also allowed in KVP scheme.
