In India, When it comes to secure investments, Fixed Deposits (FD) are often the first choice. However, the Post Office Small Saving Scheme is another reliable option that also offers guaranteed returns. If you’re looking for a safe investment plan with high interest, consider the Kisan Vikas Patra. This scheme guarantees to double your investment amount. For example, if you invest ₹10 lakh in this scheme, you will receive ₹20 lakh upon maturity.
How Long Does it Take to Double the Money?
In the Kisan Vikas Patra scheme, your money is guaranteed to double after 115 months, which is equivalent to 9 years and 7 months. The current interest rate for this scheme is 7.5 per cent, and interest is calculated on an annual basis.
Investment Details
The scheme allows you to start investing with as little as ₹1,000, with no maximum limit on the investment amount. Additionally, you can open multiple accounts under this scheme, whether in your name or jointly.
About the Kisan Vikas Patra Scheme
The Kisan Vikas Patra scheme was launched in 1988 with the primary aim of doubling farmers’ investments. Initially, it was exclusively for farmers, but later it was opened to all citizens. Now, both single and joint accounts can be opened under this scheme. A child’s account can also be opened if the child is above 10 years old. To open a child’s account, the guardian must provide the child’s Aadhaar card, an age certificate, a passport-sized photo, and a KYC form. The guardian’s Aadhaar card is also required.
Eligibility
Currently, the Kisan Vikas Patra scheme is available only to Indian citizens. NRIs (Non-Resident Indians) are not eligible to invest in this scheme.
How to Apply for Kisan Vikas Patra Scheme in Post Office
Follow these simple steps:
- Visit the Post Office: Go to your nearest post office where Kisan Vikas Patra (KVP) is available.
- Collect the Application Form: Ask for the KVP application form from the post office staff.
- Fill Out the Form: Complete the form with your personal details and KYC information (Aadhaar, PAN, etc.).
- Submit Documents: Attach necessary documents like ID proof, address proof, and passport-sized photos.
- Choose Investment Amount: Decide the amount you wish to invest (minimum ₹1,000, no maximum limit).
- Make Payment: Pay the investment amount through cash, cheque, or demand draft.
- Receive KVP Certificate: Once your payment is processed, you will receive a KVP certificate as proof of investment.
Avijit Das
A sports journalist driven by passion and dedication, I seamlessly blend my love for writing and sports. Currently with Timesbull, I have honed my craft at Sportskeeda, Cricreads, and Athlete Fortune. I live and breathe sports—whether it's football, cricket, cards, or chess, I'm always up for a challenge. A die-hard...
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