Kisan Vikas Patra Scheme: In Post Office Kisan Vikas Patra Scheme, you can start investing with just Rs 1000 and after that investment can be made in multiples of Rs 100. There is no limit on maximum investment in this.
Be it an employee or a businessman, everyone saves some of their earnings and wants to invest it in a place where they can get tremendous returns. If you are also planning something similar, then post office saving schemes will be beneficial for you. You can invest in Kisan Vikas Patra scheme. In this, your money doubles in just 115 months and the investment made in it is considered completely safe.
You get a tremendous interest of 7.5%.
There are saving schemes available in the post office for every age group whether young or old and many of them are quite popular. When it comes to safe investment and excellent returns, then it is important to mention Post Office Kisan Vikas Patra, because it has become known as the money doubling scheme of Post Office. The government has also increased the interest rate on the amount invested in this scheme. Earlier, interest was being given on it at the rate of 7 percent, which has been increased to 7.5 percent from July 1, 2023.
Money doubles in just 115 months.
The way the government is giving benefits to its investors by increasing the interest rates in Kisan Vikas Patra Scheme. However, the tenure of doubling the amount invested in it is also decreasing. Earlier this year i.e. in January 2023, the government had increased the maturity period of Kisan Vikas Patra to 120 months, which was 123 months earlier. Now, by reducing it further, the time for doubling of money has been further reduced to 115 months. In this scheme of the post office, the interest rate on the investment amount is calculated on compounding basis.
You can start investment from Rs 1000.
In Kisan Vikas Patra Scheme, you can start investment from just Rs 1000 and after that investment can be made in multiples of Rs 200. However, in this scheme of the post office, the minimum investment amount has been fixed, but there is no limit on the maximum investment. It means clearly that the greater your investment, the greater will be the profit. You can open an individual or joint account in this.
Now suppose the amount invested by you in this scheme is Rs 5 lakh and interest is applied at the rate of 7.5 percent, then the investment made by you in 115 months i.e. 9 years and 7 months will be Rs 20 lakh. Will go. However, let us tell you here that the interest rates on these savings schemes are reviewed and revised by the government every three months.
It is very easy to open an account in KVP.
Kisan Vikas Patra is a small saving scheme of the post office. The special thing in this is that in this account can be opened even in the name of a minor below 10 years of age. For this, the process of opening an account is very easy and you can open an account by going to your nearest post office.
After reaching here, you will have to fill and submit an application form to invest in this scheme and along with it you will have to deposit the investment amount in cash, check or demand draft. You will also have to provide your identity proof along with the application.
You can close the account before maturity.
In this scheme, the facility to close the account before the completion of the maturity period is also given. However, you can do this only after 2 years and six months of starting the deposit in the scheme. Even if there is a single account holder and he dies suddenly, it can be closed before maturity. Apart from this, this can also be done on the court’s order to close the person’s account.