Currently, numerous investment opportunities exist, spanning from the stock market to different government programs. Individuals seeking substantial returns and willing to assume various risks often test their fortunes in the market. Concurrently, certain investors are willing to accept lower returns, yet prefer to avoid putting their investment at any risk.
For these investors, the government operates numerous programs that offer total security. You can access these schemes with no risk at all through both banks and post offices. Here, we will discuss a specific scheme offered by the post office that promises to double your investment.
How long will it take for the money to double?
We are discussing the Kisan Vikas Patra scheme offered by the post office. The Kisan Vikas Patra program ensures that any investor will double their investment in 115 months (9 years, 7 months). At present, this program offers an interest rate of 7.5%. The interest is computed yearly.
You can begin investing with as little as Rs 1,000
An individual can begin investing in the program with merely Rs 1000, and there is no cap on the investment amount. In addition to this, numerous accounts may be established under this scheme. When opening an account, you may need documents such as your Aadhaar card, age proof, passport-sized photo, KVP application form, and others.
Who is eligible to open an account
Any adult is able to open either a single or a joint account in KVP. In addition to this, a child over the age of 10 is eligible to obtain Kisan Vikas Patra in their name. A guardian is able to open an account for a minor or an individual with mental illness. When opening an account, you may need documents such as an Aadhaar card, age certificate, passport-sized photo, KVP application form, and others.
