Saving money is important for everyone. When it comes to saving, many people think of investing in a scheme. If you’re looking to invest your money, you should choose a scheme that offers high returns. The post office runs several schemes that allow you to earn excellent profits. One such scheme is the Kisan Vikas Patra (KVP), which allows you to double your money by investing in it. Today, we’ll explain how you can benefit from this post office scheme.
Money Will Double in 115 Months
Anyone can open an account under the Kisan Vikas Patra Yojana. The minimum investment is only Rs 1,000, and there’s no upper limit on the amount you can invest.
About the Kisan Vikas Patra Scheme
The Kisan Vikas Patra scheme was launched in 1988 with the primary aim of doubling farmers’ investments. Initially, it was exclusively for farmers, but later it was opened to all citizens. Now, both single and joint accounts can be opened under this scheme. A child’s account can also be opened if the child is above 10 years old. To open a child’s account, the guardian must provide the child’s Aadhaar card, an age certificate, a passport-sized photo, and a KYC form. The guardian’s Aadhaar card is also required.
Interest Rate and Investment Details
The scheme offers an interest rate of 7.5 per cent. For example, if you invest Rs 5 lakh, you can expect to receive Rs 10 lakh upon maturity in 115 months. This means your Rs 5 lakh investment will earn Rs 5 lakh as interest.
Tax Considerations
It’s important to note that tax is included in this scheme, so you’ll need to account for it while planning your investment.
How to Apply for Kisan Vikas Patra Scheme in Post Office
Follow these simple steps:
- Visit the Post Office: Go to your nearest post office where Kisan Vikas Patra (KVP) is available.
- Collect the Application Form: Ask for the KVP application form from the post office staff.
- Fill Out the Form: Complete the form with your details and KYC information (Aadhaar, PAN, etc.).
- Submit Documents: Attach necessary documents like ID proof, address proof, and passport-sized photos.
- Choose Investment Amount: Decide the amount you wish to invest (minimum ₹1,000, no maximum limit).
- Make Payment: Pay the investment amount through cash, cheque, or demand draft.
- Receive KVP Certificate: Once your payment is processed, you will receive a KVP certificate as proof of investment.