This scheme of the post office has been specially designed for the farmers, so that they can be encouraged to save and invest for a long time.
Kisan Vikas Patra (KVP) is a small savings scheme with a fixed rate, in which you have to deposit a lump sum amount. The amount invested can be doubled in a given period of time. This scheme of the post office has been specially designed for the farmers, so that they can be encouraged to save and invest for a long time. At present, interest is being received on this scheme at the rate of 7.5 percent. This scheme is available for investment in all post offices and big banks of the country. Know here the special things related to Kisan Vikas Patra.
Investment will double in 115 months
You can invest a minimum of Rs 1000 and in multiples of 100 in the Kisan Vikas Patra scheme of the post office. There is no limit on maximum investment. The good thing is that any number of accounts can be opened under this scheme. Apart from this, you are also given the option to open single and joint account. Since it is 7.5 percent, now your money in this scheme can double in 115 months only.
Who can open account
Any adult person can open a single or joint account under this scheme. Apart from this, a child above 10 years of age can take Kisan Vikas Patra in his name. Guardian can open the account on behalf of a minor or a person of unsound mind. Documents like Aadhaar card, age proof, passport size photograph, KVP application form, etc. may be required while opening the account.
Premature Withdrawal Rules
Premature withdrawal can be done after 2 years 6 months from the date of deposit of KVP account. However, certain conditions apply to it, which are as follows:-
- Death of any or all the account holders in case of KVP holder or joint account
- In the case of a Gazetted Officer, when seized by the mortgagee
- By order of the court
