By investing in Kisan Vikas Patra (KVP), your money will double in 10 years and 4 months. Let us know the interest rate and features of this scheme in detail.
If you are thinking of investing in the coming days, then you can invest in small savings schemes of the post office. The money invested in this is more secure than banks, as there is a sovereign guarantee of the government on the amount deposited in it. Kisan Vikas Patra (KVP) is also included in these schemes. By investing in this scheme, your money will double in 10 years and 4 months. Let us know the interest rate and features of this scheme in detail.
Rate of interest
At present, the interest rate of 6.9 percent per annum is present in the Kisan Vikas Patra Scheme of the Post Office. The interest rate in this small savings scheme is compounded on an annual basis. The amount deposited in this scheme will double in 124 months i.e. 10 years and four months.
Investment Amount
In Kisan Vikas Patra, one can invest a minimum of Rs 1000 and multiples of Rs 100. There is no maximum limit for investment in this scheme. In this scheme, a person can open any number of accounts.
Who can open account?
An adult can open an account in the Kisan Vikas Patra Scheme of the post office. Apart from this, up to three adults can also open joint accounts together in the scheme. In this small savings scheme, a guardian can also open an account on behalf of a minor or a person of weak mind. Under this scheme, a minor above the age of 10 years can open an account in his own name also.
Maturity
The amount deposited in this post office scheme will mature from the date of deposit on such period of maturity as may be prescribed by the appropriate Ministry of Finance from time to time.
Close the account before maturity
Kisan Vikas Patra can be closed at any time before maturity under certain circumstances. In this scheme, the account can be closed on the death of a single account holder or all the account holders present in the joint account. Apart from this, the account can also be closed on the order of the court. In this scheme, the account can be closed even after two years and six months from the date of deposit.
