The post office in the country runs many small savings schemes. Many of these schemes are very popular, and a large number of people have invested in them. One such scheme is Kisan Vikas Patra (KVP), also known as the money doubling scheme. Investing in post office schemes is generally considered safe. The government is promoting savings through these schemes.

Money Doubles with This Scheme

If you invest in this scheme, you will get an annual interest rate of 7.5%. Your investment will double in 115 months. Earlier, the maturity period was 123 months, then reduced to 120 months, and now it is 115 months. The government reviews the interest rate on this scheme every three months.

Interest Calculation

As per the post office website, interest in the Kisan Vikas Patra scheme is calculated on a compounding basis. The government is offering a 7.5% annual interest rate on the investment. You can start investing in Kisan Vikas Patra with Rs 1,000. After that, you can invest in multiples of Rs 100.

How to Invest

You can invest in this scheme by opening a joint account. The nominee facility is also available in Kisan Vikas Patra. To invest, visit your nearest post office, fill out the application form along with the deposit slip, and deposit the amount in cash, cheque, or demand draft. You will also need to submit an identity card. Once the process is complete, your investment account in Kisan Vikas Patra will be opened.

Eligibility for Kisan Vikas Patra (KVP)

  • An adult can invest in their name or on behalf of a minor.
  • Three adults can invest jointly.

Benefits of Kisan Vikas Patra (KVP)

  • The invested amount doubles in 100 months (8 years and 4 months).
  • The certificate can be purchased by an adult for themselves, on behalf of a minor, or by two adults jointly.
  • KVP can be purchased from any departmental post office.
  • A nomination facility is available.
  • The certificate can be transferred from one person to another and from one post office to another.
  • The certificate can be encashed after 2.5 years from the date of issue.

Deposit Details

Type of Account Minimum Deposit Maximum Deposit
Kisan Vikas Patra (Available in denominations of Rs. 1,000, 5,000, 10,000, and 50,000) Rs. 1,000/- No limit