Post Office Scheme- Nowadays, due to rising expenses, the pressure on people’s savings is increasing continuously. In such a situation, common people are looking for such investment options which are safe and double the money. Post Office Kisan Vikas Patra can double your investment. This is a government scheme, in which investors can double their investment in about 9 years and 7 months i.e. about 115 months.
What is Kisan Vikas Patra?
Kisan Vikas Patra was started in the year 1988. Its purpose was to encourage people in rural and semi-urban areas to invest for a safe and long term. Due to government guarantee, this scheme is considered very safe.
Amount of investment
In this scheme, you can start with a minimum of Rs 1,000 and there is no maximum limit for investment. That is, whether a small investor invests Rs 1,000 or a big investor invests lakhs of rupees, both will benefit from it.
Interest and Returns
Currently, KVP offers 7.5% interest per annum, which is compounded annually. That is, your interest gets added to the principal and interest is also earned on that. This is the reason why your money doubles in 115 months. For example, if you invest Rs 8,000, you will get Rs 16,000 on maturity.
Required documents
Identification Proof: Aadhar Card, PAN Card, Voter ID, Passport or Driving License
Address Proof: Aadhar Card, Passport, Bank Passbook or Electricity Bill
Passport size photo
PAN card is mandatory for investments above Rs 50,000
Income proof (salary slip, bank statement or ITR) for investments above Rs 10 lakh
How to apply
To invest, one has to fill the application form (Form A) at the nearest post office or registered bank branch. In this, one has to fill the name, address, mobile number, investment amount, mode of payment and nominee information. Also, KYC documents have to be submitted.
You can deposit up to Rs 50,000 in cash.
Amount more than this must be deposited through cheque, demand draft or online mode (RTGS/NEFT).
After the verification is complete, you get the Kisan Vikas Patra certificate, which is important to keep safe.
How does KVP work?
Suppose you invested Rs 5,000. This amount will grow with interest every year and after 115 months this amount will become Rs 10,000.
Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.
