If you are looking for good returns with a safe investment, then post office savings schemes can be a great option for you. If you’re looking to invest your money without taking any risks and prefer a long-term option, consider Kisan Vikas Patra (KVP).
You can find this scheme available at your local post office. It comes with a government guarantee that your investment will double. For instance, if you invest Rs 10 lakh, you can expect to receive Rs 20 lakh upon maturity. Let’s explore how you can invest and the timeframe for your money to double.
Kisan Vikas Patra (KVP)
This scheme allows your investment to double in 115 months, offering an interest rate of 7.5%. You can start investing with as little as Rs 1,000. Launched in 1988 primarily to benefit farmers, KVP is now accessible to everyone. Any adult can open a single or joint account.
Additionally, children over the age of 10 can also hold a Kisan Vikas Patra in their name. A guardian can open an account for a minor or someone who is mentally sound. When setting up an account, you may need to provide documents like an Aadhaar card, age certificate, passport-sized photo, and the KVP application form. Please note that NRIs are not eligible for this scheme.
What do you need to open an account?
To open an account, you might need documents like your Aadhaar card, a certificate proving your age, a passport-sized photo, and the KVP application form. Just a heads up, NRIs can’t open this type of account.
If you’re thinking about withdrawing early…
1. You can make an early withdrawal after 2 years and 6 months from when you submitted your KVP account.
2. You can also make early deposits anytime under specific situations, like if a KVP holder or any joint account holder passes away, if a mortgagee takes action against it, or if a court issues an order.
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