Government Scheme: If you want to earn money by investing money, but are afraid of market risk, then there are good options for you in government schemes. Whenever we talk about government schemes, post office small savings schemes are a better investment for safe and guaranteed returns. The Kisan Vikas Patra Scheme (KVP) of the Post Office is such a savings scheme, in which your money is doubled after a certain number of years. Kisan Vikas Patra Scheme is best for long term investment. Your deposited money in this will always be completely safe. In this scheme, the customer’s money becomes double in 124 months. Also your investment is completely safe.
KVP: Once deposited, forget it
Vikas Vikas Patra is such a scheme, in which you forget by depositing lump sum money and after 10 years 4 months i.e. 124 months your money will double. At present, the interest rate on Kisan Vikas Patra is 6.9 per cent per annum. Compounding is done annually. Investment is made in the form of certificate in Kisan Vikas Patra (KVP). In this, you can invest a minimum of Rs 1,000 and then in multiples of Rs 100. There is no maximum limit for investment in this.
Who can open account
Any Indian person who is above 18 years of age can open his account in Kisan Vikas Patra. However, there is no upper age limit for opening an account. KVP certificate can also be purchased in the name of minor. Minors above 10 years can open this account in their own name. NRI is not eligible for this scheme.
Kisan Vikas Patra can be purchased from any post office. You also get the facility of nominee in the account. Not only this, you can also transfer accounts from one post office to another post office. Moreover, Kisan Vikas Patra can also be transferred from one person to another.
With no investment limit, there is also the risk of money laundering, so the government made PAN card mandatory in 2014 for investments above Rs 50,000. If investing 10 lakh or more, then income proof will also have to be submitted, such as ITR, salary slip and bank statement. Apart from this, Aadhaar is also to be given as an identity card. This scheme was started in 1988. Facility of investment in Kisan Vikas Patra is available in more than 1.5 lakh post office branches across the country.
