Kisan Vikas Patra Yojana: If you want to double your money, then investing in Kisan Vikas Patra Yojana of the Department of Posts is going to be fantastic.
If you want to double your money, then investing in a scheme called Kisan Vikas Patra (Kisan Vikas Patra Yojana) of the Department of Posts is going to be fantastic. In the scheme, the investor will have to invest for 10 years and 4 months (124 months) and after 124 months you will get double the money.
If you want to double your money, then investing in a scheme called Kisan Vikas Patra (Kisan Vikas Patra Yojana) of the Department of Posts is going to be fantastic. In the scheme, the investor will have to invest for 10 years and 4 months (124 months) and after 124 months you will get double the money.
The scheme is a type of savings plan. Under this, you can apply to the bank or post office. It is not necessary that only farmers apply under this scheme. Any citizen of India can apply. KVP certificate will have to be purchased for Kisan Vikas Patra (Kisan Vikas Patra Yojana). Whose minimum investment is ₹ 1000. There is no upper limit to this investment. You can invest as much as you want. It is important that if you invest more than 50,000, then you will have to give your PAN card details. The applicant must be over 18 years of age. If the applicant is a minor, then his parents can invest in the scheme.
Investment amount will be doubled after 124 months
The current interest rate in the scheme is 6.9%. After 124 months, the investment amount will be doubled at 6.9%. Investor can withdraw prematurely from the Kisan Vikas Patra Yojana, but interest will not be paid if the investor has withdrawn the certificate within 1 year of purchase. The same penalty will also have to be paid. But if the withdrawal is made after 1 year of purchasing the certificate, then penalty will not be paid, but the interest rate will be lower. If the investor withdraws after two and a half years, then he will be given interest at 6.9% interest rate and no penalty will have to be paid.
Kisan Vikas Patra provided by Post Office
Kisan Vikas Patra is provided in the post office. This certificate can be purchased through cash, check, pay order or demand draft. There are three types of Kisan Vikas Patra which are single holder type Kisan Vikas Patra Certificate, Joint A Type Kisan Vikas Patra Certificate and Joint B Type Kisan Vikas Patra Certificate.
Maturity period 10 years 4 months
The Kisan Vikas Patra Certificate is sold in denominations of 1,000, 5,000, 10,000 and 50,000 by the Central Government. This amount can be obtained from the post office after maturity.
The maturity period under Kisan Vikas Patra is 10 years and 4 months. In this time, the principal amount of Kisan Vikas Patra doubles. The minimum limit to invest is 1,000. There is no maximum investment limit, this amount can be obtained from any post office.
Identity slip has to be shown to get the amount
To get the amount, the beneficiary has to show his identity slip at the post office. If the beneficiary does not have the slip, then he can redeem the amount only from the post office from where he has obtained the Kisan Vikas Patra Certificate.
Documents required for KYC process
– Aadhar Card
– Voter ID
– driving license
– Passport
– pan card
– KVP Application Form
– Address proof
– Birth certificate
Here’s how to open an account
– You can open an account by going to any post office and filling the form. The form can also be downloaded online.
– Full name, date of birth and address of nominee should be written on the form.
– The amount of the form can be paid by check or cash.
– If you are paying through check, then write the check number information on the form.
– Explain in the form KVP single or joint A or joint B membership, on what basis is being purchased.
– Write jointly the names of both the beneficiaries when purchased jointly.
– If the beneficiary is a minor, write the date of birth (DOB), name of the parents.
– On submitting the form, a farmer development certificate will be given along with the beneficiary’s name, maturity date and maturity amount.
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