Post Office Investment Scheme: If you want security as well as investment, then one of the best options for you is Post Office plans. Where you get big returns by investing. Post office schemes are run with the support of the government.
For this reason it is also the safest. Apart from this, there is also a tax exemption on investing in these schemes. One such scheme is being run by the Post Office. The name of this scheme is Kisan Vikas Patra (KVP). This scheme was first launched in 1988. Till now lakhs of people have invested in this scheme.
Money will double in 10 years 4 months
You get interest at the rate of 6.9 percent in Kisan Vikas Patra Yojana. In this compound interest is available annually. Due to this your invested amount doubles in 10 years and 4 months. You do not even need to invest much money to open an account in this scheme. You can open an account in Kisan Vikas Patra Purchase Scheme with only 1000 rupees.
How to open Kisan Vikas Patra Yojana account
According to the information given by the post office, the age should be more than 10 years to open an account under this scheme. Also, three people can jointly open a joint account. A minor’s account can be opened by a guardian.
Maturity Period of KVP Scheme
At present the maturity time of this scheme is 124 months. Whereas the lock-in period is 30 months. If you want, you can close your account (Kisan Vikas Patra Account) even before maturity. This account can also be forfeited on the death of the account holder in a single account or on the death of any or all the account holders in the joint account. The account of this scheme can be closed even after 2 years and 6 months from the date of deposit.
How to invest in this scheme
If you want to invest in Kisan Vikas Patra, then you will have to go to your nearest post office for this. Go there and apply with the deposit receipt.
After this, deposit the investment amount through cash, cheque, demand draft or pay order. A photocopy of the identity card must be attached with the application. After submitting the application and money, you will get the proof of investment in Kisan Vikas Patra.
