Double Your Money with This New Government Scheme: Know the Rules and Interest Rates

In today’s era of inflation, people seek schemes that offer high returns while keeping their money safe. One such scheme is the Kisan Vikas Patra (KVP) from the Post Office. By investing in this scheme, your money will double at maturity.

According to the Post Office website, the amount invested in this scheme will double in 115 months, or 9 years and 7 months. In this article, we will share all the details regarding the latest rules and interest rates of this scheme.

Along with this, the money you invest in this scheme will have the sovereign guarantee of the government. This means that every penny you invest will be safe. Currently, under the DICGC Act (Deposit Insurance and Credit Guarantee Corporation), banks provide a guarantee for amounts up to a maximum of Rs 5 lakh. However, since this is a Post Office scheme, every penny invested in it is guaranteed by the government. Let’s take a closer look at this scheme.

Interest Rate

Currently, the interest rate for Kisan Vikas Patra is 7.5% per annum. The interest is compounded annually, and this rate is applicable from January 1, 2024.

Who Can Invest?

• An adult, or up to three adults, can open a joint account under this scheme.
• Additionally, a guardian can open an account on behalf of a minor or a person with a mental disability.
• A minor above 10 years old can also open an account in their name.

Investment Amount

• The minimum investment in Kisan Vikas Patra is Rs 1,000.
• Investments can be made in multiples of Rs 100.
• There is no maximum investment limit.
• You can open any number of accounts under this scheme.

Maturity

The Ministry of Finance sets the maturity period for Kisan Vikas Patra. The amount you invest will mature on the same date as per the terms of the scheme.

How to Apply for Kisan Vikas Patra Online:

1. Visit India Post Website/App: Go to the official India Post website or use the India Post app.
2. Log In/Register: Create or log in to your account.
3. Select KVP: Navigate to the “Kisan Vikas Patra” section.
4. Fill Form: Complete the application with personal and investment details.
5. Upload Documents: Attach ID and address proof, along with a photo.
6. Payment: Choose online payment options (net banking, debit/credit card, UPI).
7. Submit: Verify details and submit the application.
8. Confirmation: Receive acknowledgement and transaction details.

Note: Currently, KVP applications may not be fully available online at all post offices, as it depends on the specific post office’s digital capabilities. You can check with your nearest post office for updates or alternative methods.