KVP: This scheme of Post Office will double amount in 124 months, will get millions of rupees on maturity
new Delhi. In terms of investment, the post office scheme is considered very reliable, because the money is safe here. In such a situation, Kisan Vikas Patra (KVP) is a better option for those who are thinking of making long term investments. In this, money doubles in a set period. The maturity date of the policy is 124 months. There is a minimum investment of 1000 rupees, while there is no limit for maximum investment. If you also want to invest in it, then know what is the process.
What is KVP
The Kisan Vikas Patra scheme is run by the government itself. In such a situation, there is also a complete guarantee of money security. It has been introduced to encourage long-term investment and savings among the public. KVP certificates can be purchased from public sector banks as well as post offices in India.
Special things related to the scheme
1. The age of the investor investing in Kisan Vikas Patra should not be less than 18 years.
2. It provides single and joint account facility. If a minor’s account is to be opened, it has to be handled by the guardian.
3. This scheme is also applicable for trusts except Hindu undivided family ie HUF or NRI.
4.KVP has certificates up to Rs 1000, Rs 5000, Rs 10,000 and up to Rs 50,000, which can be purchased.
5. KYC process requires identity proof, Aadhaar card, PAN card, voter ID card, driving license, passport, KVP application form and address proof and death of birth certificate.
Learn how double the money will be
The interest rate for KVP has been fixed at 6.9 per cent in the first quarter of FY 2021. If you invest 10 lakh rupees, you will get 20 lakh rupees at maturity after 124 months. For investment in Kisan Vikas Patra, you can open the account by going to the post office and filling the form. If you want, you can also download the form online. Fill in the amount of the amount of Amount, your full name and other details. Also opt for KVP single or joint ‘A’ or joint ‘B’ membership. If you want to make someone a nominee, then also give details of that.