KVP Saving Scheme: Nowadays, everyone wants to invest their hard-earned money safely. While there is a fear of risk in the stock market, the Kisan Vikas Patra Scheme is proving to be an excellent option for people. The special feature of this scheme is that it requires only one investment. Its tenure is 9 years and 7 months. Your deposit doubles in this period. This is why this scheme is so popular among small investors and offers double returns.
What is the Kisan Vikas Patra Scheme?
The Kisan Vikas Patra Scheme is a type of savings scheme. It was launched by the Government of India in 1988. It was relaunched in 2014 to enable people to save by investing safely. Beneficiaries under this scheme earn 7.5% annual interest, along with the benefit of compound interest. It also earns interest on interest. Currently, the invested amount doubles in 115 months, or 9 years and 7 months.
Who Can Benefit?
Any citizen of the country can avail of the benefits of the KVP scheme. Parents can open an account in the name of their children. Children aged 10 years and above can also open an account in their own name. Furthermore, a person can open multiple accounts. There are no rules governing this. The special feature of this scheme is that the amount invested doubles.
How Much to Invest?
For information, if you invest ₹1 lakh in the KVP scheme, you will receive ₹2 lakh. If you wish, you can withdraw ₹2 lakh after 6 months. However, returns take time. This scheme is quite flexible, and the invested amount can be transferred.
What Documents Are Required?
This scheme requires a passport-sized photo, Aadhaar card, PAN card, birth certificate, and address proof such as a voter ID card, driving license, passport, or MNREGA card.