This is a government scheme, so there is no risk in it. Post Office Kisan Vikas Patra Yojana will give you good returns along with guarantee. This scheme is also known as Double Income Scheme. Today we will tell you how you can apply in this scheme and in how many months the amount deposited will double. Let us tell you that not only farmers but also common citizens can open their account in this scheme. To invest in Kisan Vikas Patra, you must be at least 18 years of age.

Money will double in this time

Under the Kisan Vikas Patra Yojana (KVP) of the post office, you can make a minimum investment of Rs 1000. However, no limit has been set for maximum investment in it. Last year in April 2023, the interest rate of this scheme was increased from 7.2 percent to 7.5 percent. That is, earlier it used to take 120 months for the money to double through this scheme, whereas now your money will double in just 115 months i.e. 9 years and 7 months.

Single and joint accounts can be opened

If you want to open your account under this scheme, then you can open a Kisan Vikas Patra account both singly and jointly. Under this scheme of the post office, three people can also open a joint account together. It is mandatory to add the name of the nominee in this scheme. If you want, you can also close this account after 2 years and 6 months.

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Open an account for Kisan Vikas Patra Yojana

by going to any of your nearest post offices and filling its form. You can also download the form of this scheme online. The name, date of birth and address of the nominee, the amount with which the account is being opened, all these information should be written in clear letters on the form. The amount to be invested in this scheme can be paid through cheque or cash. If you are making payment through cheque, then definitely write the cheque number on the form. Clear in the form on what basis the Kisan Vikas Patra (KVP) is being purchased single or joint.

If you are buying it jointly, then write the names of both the beneficiaries on the form. If the beneficiary is a minor, write his/her date of birth (DOB), and the name of his/her parents. On submission of the form, Kisan Vikas Patra will be provided with the beneficiary’s name, maturity date and maturity amount.

Documents required to open an account

• Aadhar Card
• PAN Card
• Voter ID Card
• Driving License
• Passport
• KVP Application Form
• Address Proof
• Date of Birth Certificate

Is there any tax benefit on KVP scheme?

The post Post Office’s great scheme, you have to invest for this many months, your money will double first appeared on Rightsofemployees.com.

But there are many people who are investing their small savings in various types of schemes. The government is also giving you good returns in these schemes. If you are also thinking of a similar scheme, then we have brought a scheme for you in which you will get good and double profits by investing.

Get 7.5% interest

Let us tell you that Kisan Vikas Patra Yojana (KVP) is being run by the Post Office which is a better scheme for every citizen of the country. In this scheme, any Indian citizen can open his account and can open it through single or joint account.

In the Post Office Kisan Vikas Patra Scheme, an account is opened with a minimum of Rs 1000 and in this scheme you get interest at the rate of 7.5% on the amount deposited. Earlier in this scheme you were given interest at the rate of 7% but from July 1, 2023 its rate has been increased to 7.5%.

Money will double in 115 months

Let us tell you that people are liking the Kisan Vikas Patra Yojana (KVP) of the Post Office so much that the number of investors in it is continuously increasing. In fact, just as the number of investors is increasing, the tenure for doubling the invested amount is also decreasing.

Earlier the amount invested in this scheme used to double in 123 months and then in 120 months, but now it doubles in 115 months only. You are given compound interest on the amount invested in the Kisan Vikas Patra Scheme run by the Post Office.

In this scheme you can open single or double account. If you open a single account in Kisan Vikas Patra Yojana and have invested Rs 5 lakh, then at the interest rate of 7.5%, this amount becomes Rs 20 lakh in 9 years 7 months i.e. 115 months. The interest rate available on this scheme is reviewed every 3 months.

It is very easy to open an account in KVP

In this, any Indian citizen can open his account but the account of children below 10 years of age is opened in the name of their parents or guardian. After the child turns 10 years old, he becomes its owner himself.

The post Post Office Scheme: Invest only for so many days, money will double! Know- first appeared on Rightsofemployees.com.

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.

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Another advantage of this scheme is that one you are getting guaranteed returns every month, a fixed income is coming, secondly your principal amount, which is the principal amount, will be safe in the government scheme. And when your investment matures in five years, then you will get back your entire principal as well.

But how to double money in POMIS?

You can avail double benefit on the interest you are getting on your savings account. You can earn more on this by opening a Recurring Deposit from the interest you get every month under the Monthly Income Scheme. 6.9% interest on one year RD is compounded every quarter, that is, you get interest on interest, that is, you get profit on profit. This means if you have invested Rs 4.5 lakh in the Post Office Monthly Scheme, then you will not only get interest under this scheme on maturity, you will also get the interest of Recurring Deposit investment, ie double benefit.

Post Office Monthly Income Scheme calculator

5 lakhs investment (principal) + [3,083 (interest accrued every month) x 60 months] = 6,84,980

(5,00,000 + 1,84,980 interest)

Recurring Deposit (at 6.9% interest) for 60 months (5 years)

3,083 per month for 60 months i.e. 3,083 x 60 = 1,84,980

1,84,980 + 36,204 (Earnings from interest) = 2,21, 184

The post Post Office Monthly Income Scheme 2023: You will get profit on profit every month! double your money in 5 years first appeared on Rightsofemployees.com.

Finance Minister Nirmala Sitharaman has doubled the deposit limit in the Post Office Monthly Income Scheme Account. After this, if you open a single account, you can deposit up to Rs 9 lakh (earlier Rs 4.5 lakh). At the same time, the deposit limit for joint account will be Rs 15 lakh (earlier Rs 9 lakh). The increased investment limit will be applicable from the new financial year 2023-24. Joint account can be opened by minimum 3 people together. Investment has to be made only once in MIS account. Its maturity is of 5 years. That is, after five years you will start getting guaranteed monthly income.

POMIS: How the husband and wife will have a monthly income of ₹ 8,875

Monthly income is guaranteed in this post office scheme. Suppose, from the new financial year, if husband and wife open a joint account and deposit Rs 18 lakh in it. Right now 7.1 percent interest is being received on MIS. In this way, interest of Rs 5,32,500 will be generated on maturity of five years. That is, in 5 years you can make a total fund of Rs 20.32 lakh. After maturity, the annual interest will be Rs 1,06,500 lakh. Means, if we talk about monthly income, then husband and wife will start earning interest of ₹ 8,875 every month.

According to the current rule, two or three people can also open a joint account in MIS. The income received in return of this account is given equally to every member. Joint account can be converted into single account anytime. Single account can also be converted into joint account. To make any kind of change in the account, a joint application has to be given by all the account members. Please tell here, that the government reviews the interest rates every quarter.

POMIS: There is an option to stop premature

Maturity of MIS of post office is 5 years, there can be premature closure. However, you can withdraw money only after completion of one year from the date of deposit. According to the rules, if the money is withdrawn between one year to three years, then 2% of the deposit amount will be deducted and returned. If you withdraw money anytime before maturity after 3 years of account opening, then 1% of your deposit amount will be deducted and returned.

Post Office Monthly Investment Scheme can be opened by any citizen of the country, be it an adult or a minor. You can also open an account in the name of your child. If the child is below 10 years of age, then the account can be opened in his name on behalf of his parents or legal guardian. When the child is 10 years old, he himself can get the right to operate the account.

The post Post Office Super Monthly Income: Husband and wife will earn double from this government scheme; ₹ 8,875 monthly income, see details first appeared on Rightsofemployees.com.

Investing in the Kisan Vikas Patra of the Post Office gives great returns. This is a double money scheme of the Government of India where you get an interest rate of 6.9 per cent per annum and it doubles in 124 months (10 years and 4 months). This scheme is available through most of the post offices in India.

What is Kisan Vikas Patra Scheme?

Kisan Vikas Patra (KVP) is a savings scheme provided by the Government of India. The KVP scheme offers substantial returns on the completion of its maturity period through high interest rates. This risk free investment scheme by the Government of India encourages its citizens to make long term savings.

Who can invest?

Any citizen of 18 years of age or above can invest in Kisan Vikas Patra. In this, the minimum investment amount is Rs 1000 and no limit has been fixed for the maximum investment. In Kisan Vikas Patra, any adult account can be opened on behalf of a minor below the age of 10 years. As soon as the minor attains the age of 10 years, the account is made in his name. Not only this, three people of the age of 18 years or more can also open a joint account.

Tax to be paid on return

If someone returns this scheme within a year of purchase, then he does not get the benefit of any kind of interest. Post office schemeIncome TaxThe Income Tax Act does not come under 80c. Therefore, tax has to be paid on the return earned on the investment amount. However, TDS is not deducted in this scheme.

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