Post Office Scheme: Money will be double with guarantee in 124 months, you will get 2 lakh rupees instead of 1
new Delhi. Looking to make more profits in a short time, but are confused about where to invest. In this case, the post office Kisan Vikas Patra (Kisan Vikas Patra- KVP) scheme may be a better option for you. In this scheme, money can be doubled by guarantee. The good thing is that the government itself runs this scheme, so there is no fear of sinking money. You can make double money with just 124 months of investment in it. So what is this scheme and how can you invest, know the whole process.
What is Kisan Vikas Patra Yojana
It is a one time deposit investment scheme. In this, you get the convenience of doubling the money with a guarantee. If you want, you can redeem it after two and a half years at your convenience. Apart from this, there is also a facility to transfer the post office plan to another post office. In Kisan Vikas Patra Yojana, you can also make a nominee if you want. So that you can get money if you are not there. The maturity period in Kisan Vikas Patra is 124 months. That means investing in this scheme for 10 years and 4 months, after which the money will be doubled.
Special things related to the scheme
1. The investor should be at least 18 years old to invest in farmer development paper.
2. It can run in any form, single and joint. If the minor’s account is to be opened, it will have to be handled by the guardian.
3.KVP has certificates worth 1000, 5000,10,000 and up to Rs 50,000, which can be purchased.
4. For KVP, its interest rate has been fixed at 6.9 per cent by the second quarter of FY 2021. In such a situation, if a person applies Rs 1 lakh for 10 years and 4 months, then he will get Rs 2 lakh instead.
How to invest
There are many types of Kisan Vikas Patras. These include single holder type certificate, joint A account certificate and joint B account certificate. A certificate can be purchased for yourself or for a minor in a single holder. In Joint A, two adults have a combined account. In this both of them get Bhagutan. Whereas in a joint B account payment is made to only one person. There is no maximum investment limit. Therefore, if you invest 10 lakh or more, then PAN card will be mandatory. Also, ITR, salary slip, bank statement and your identity card will be required.