Government Scheme: You will get ₹ 2 lakh on depositing ₹ 1 lakh, this government scheme has guaranteed returns

Government Scheme: Everyone wants to invest in such a place where his money doubles. Now there are many types of financial instruments for this. There is risk in some of these, while in some there is no risk of any kind.

One such scheme is the Kisan Vikas Patra (KVP) of the Post Office Scheme. The government has also increased the interest on this scheme from October 1, 2022.  Now ₹ 1 lakh will become ₹ 2 lakh in 123 months On Kisan Vikas Patra (KVP), the government is paying interest at the rate of 7 percent per annum from October 1, 2022. In this compounding of interest is done on an annual basis. If you invest in this scheme of the government, then your money will double in 123 months. Suppose, you invest Rs 1 lakh in this scheme, then after 123 months (10 years 3 months) you will get guaranteed Rs 2 lakh.

Minimum ₹ 1,000 can be invested

You can invest a minimum of Rs 1,000 in Kisan Vikas Patra, after that investment can be made in multiples of Rs 100. There is no limit on maximum investment in this scheme. The government sells Kisan Vikas Patra certificates in denominations of Rs 1000, Rs 5,000, Rs 10,000, Rs 50,000. You can open any number of accounts under this scheme.

Tax deduction up to 1.5 lakhs

There is also the benefit of tax exemption on investment in Kisan Vikas Patra. In this, under Section 80C of the Income Tax Act, you can avail tax deduction up to Rs 1.50 lakh. In this, the facility of premature closure is also available with certain conditions. Account holders can also withdraw their money within 2 years and 6 months. Any adult can invest in this scheme. Joint account can also be opened, but there cannot be more than three people in one account. A minor above 10 years can get it opened in his name.

For this scheme, you must first fill the KVP application form. This form will also be available at the post office branch or online. After filling it, you have to deposit it in the branch. For KYC you will need Aadhaar card, residence certificate, age certificate, passport size photo and mobile number. KVP certificate can be bought through cash, cheque, pay order or demand draft.