The India Post Office is not just a service that can connect you to any part of the world, but also has a varied list of investment schemes that can help you increase your savings in a fixed amount of time, with great interest rates in each policy.
If you are an avid investor and want to opt for a scheme that offers low risk, then the post office is the best place to invest your money. The schemes offered by Post Office are not reliant on market rates and have a surety when it comes to returns.
One of the popular schemes of the post office is the Kisan Vikas Patra scheme, which can help you essentially double your savings in several years. The Post Office's Kisan Vikas Patra Small Savings scheme can be started by you with a minimum investment amount of Rs 1000.
One can open an account in this post office scheme for themselves or for a minor. A joint account can also be opened in the Kisan Vikas Patra scheme. The minimum investment amount in this scheme is Rs 1000 while there is no maximum amount for this.
The details mentioned on the post office website state that if an investor chooses to be a part of the KVP scheme for 124 months, which is over 10 years, their initial investment will stand doubled. This scheme currently offers a 6.9% interest rate on investments.
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The account of the Kisan Vikas Patra scheme is also transferrable from one post office to another. There is a nominee option also available for this savings scheme, and the account can also be transferred from one individual to another.
The maturity (lock-in) of the Kisan Vikas Patra can be encashed after two and a half years (30 months) from the date of issue of the KVP certificate. It must be noted that investors will also have the benefit of tax exemption in this scheme, under 80C of the Income Tax Act.
To open a KVP small savings scheme account, one must require the following documents - Aadhar Card, Residential Proof, KVP Application Form, Age Proof, Passport Size Photograph, and Mobile Number.
