In the post office scheme KVP i.e. Kisan Vikas Patra, your invested amount doubles in 115 months. Know who can open an account under this scheme and what are its other benefits.
Nowadays many investment options are available. But if you are looking for a scheme in which you can deposit your money for a long time and get better interest, then Kisan Vikas Patra (KVP) can prove to be a good option. This scheme is one of the best small saving schemes of the post office. In this, your amount doubles in 115 months. At present, interest is being given in this scheme at the rate of 7.5 percent. In such a situation, know all the important things related to the scheme here-
You can start investing from Rs 1000
In Kisan Vikas Patra Scheme, you can invest a minimum of Rs 1000 and in multiples of Rs 100. There is no limit on maximum investment. The good thing is that any number of accounts can be opened under this scheme. Apart from this, you are also given the option to open single and joint account. Since it is 7.5 percent, now your money in this scheme will double in 115 months, that is, if you deposit Rs 1 lakh, it will become Rs 2 lakh in 115 months and if you deposit Rs 10 lakh, it will become Rs 20 lakh.
Why invest in KVP, what are the benefits?
- This scheme is not affected by market fluctuations, you will get guaranteed returns.
- You can start investing in KVP account with a minimum amount of ₹ 1,000 and invest any amount as per your financial capacity. There is no maximum limit.
- You can open the account of this scheme in any post office.
- This scheme matures in 115 months, but interest will continue to be earned on the maturity proceeds of KVP until you withdraw the amount.
- You can use your KVP certificate to get a secured loan.
- Nomination facility is available.
Who can open an account
Any adult person can open a single or joint account under this scheme. Apart from this, a child above 10 years of age can take Kisan Vikas Patra in his/her name. A guardian can open an account on behalf of a minor or a person of unsound mind. While opening an account, documents like Aadhar card, age certificate, passport size photograph, KVP application form etc. may be required.
Premature withdrawal rules
Premature withdrawal can be done after 2 years and 6 months from the date of deposit in KVP account. However, some conditions apply to this, which are as follows:-
- In case of KVP holder or joint account, on death of any or all the account holders
- On seizure by the mortgagee in case of Gazette Officer
- on court order
