Post office saving scheme: Kisan Vikas Patra is a one time investment scheme of the Government of India, where your money doubles in a fixed period. Kisan Vikas Patra is present in all post offices and big banks of the country.
Our accumulated capital always comes in handy in bad times. But the person remains confused as to where to invest, where his money is safe as well as he gets good returns. So, today we will tell you about one such scheme, where your money will be safe as well as you will get double return on maturity. This is the post office’s Kisan Vikas Patra Yojana.
Kisan Vikas Patra is a one time investment scheme of the Government of India, where your money doubles in a fixed period. Kisan Vikas Patra is present in all post offices and big banks of the country. The central government has increased the interest received on Kisan Vikas Patra from 7.2 percent to 7.5 percent annually from April 1, 2023. That is, now in this scheme your money will double more quickly.
Who can invest?
The person investing in Kisan Vikas Patra (KVP) must be at least 18 years old. Apart from single account, there is also facility of joint account. At the same time, this scheme is also available for minors, who have to be looked after by the guardian. This scheme is also applicable for trusts other than Hindu Undivided Family ie HUF or NRI. To invest in Kisan Vikas Patra (KVP), there are certificates up to Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000, which can be purchased.
How much interest is received
The government has increased the interest rates of this scheme from 1st April. Now you are getting returns at the rate of 7.5% per annum by investing in this scheme. From January 2023 to March 2023, it was taking 120 months to double the money in this scheme. But now your money will double in five months before that i.e. 115 months i.e. 9 years and 7 months only. If you put 2 lakhs in it in lump sum then you will get 4 lakhs back in 115 months. The good thing is that you also get the benefit of compounding interest in this scheme.
There is also the facility of transfer.
Kisan Vikas Patra can be encashed after two and a half years from the date of issue. KVP can also be transferred from one post office to another post office. Kisan Vikas Patra can be transferred from one person to another. Nomination facility is available in KVP. Kisan Vikas Patra is issued in the shape of a passbook.
