Many different investment choices are now available on the market, but a significant portion of the country's population still chooses to participate in a bank, post office, or LIC schemes. Let us tell you about such a scheme of the post office, where your money will get doubled soon.
Post Office Kisan Vikas Patra:
The initial goal of Kisan Vikas Patra was to encourage farmers to save money. Later, any regular person may purchase it with no restrictions. It is a lump-sum deposit scheme run by the central government of India.
In this Post Office scheme, the investor can get double the amount in a fixed period of time when they invest the amount in one go. The interest rate offered under this programme was raised by the federal government from 7.2 per cent to 7.4 per cent on April 1, 2023. The sum placed under this plan will shortly double due to the increase in interest rates.
In this, you can invest a minimum of Rs 1,000 and a maximum of any lump sum amount.
The time frame for doubling deposits under the Kisan Vikas Patra scheme has now been cut short following the government's decision to raise the interest rate in April 2023. Under Kisan Vikas Patra, the money will double in just 115 months as opposed to the previous 120 months it took to double.
Who can invest in Kisan Vikas Patra? Check Eligibility
A Kisan Vikas Patra can be purchased at the closest post office by any Indian citizen who is at least 18 years old. People from rural India who don't have bank accounts are especially drawn to this. A KVP can also be purchased jointly with another adult or for a minor.
- The candidate needs to be an Indian national.
- The candidate must be older than 18 years old.
- An adult may submit an application on behalf of a child or someone who is mentally ill.
- Non-Resident Indians (NRIs) and Hindu Undivided Families (HUF) are ineligible to invest in KVP.
Post Office Kisan Vikas Patra: Calculator
If you invest Rs. 10 lakh in the scheme, you would receive Rs. 20 lakh at maturity after 115 months. The government provides the benefit of compound interest rates through this programme.
How to invest in Post Office Kisan Vikas Patra?
- Get Form-A, the KVP application form from the post office.
- Fill out the form with the necessary information, then submit it.
- Form-A1 must be completed and submitted if the investment is being made with the help of an agent.
- For the KYC process, provide a copy of any one of the identifying documents.
After the documents have been examined and the necessary deposits have been made, the KVP Certificate will be provided. The registered email address can also be used to receive the KVP Certificate.
(Also Read: Investing only Rs 500 in this government scheme can make you a millionaire, here's how)
