Kisan Vikas Patra: Kisan Vikas Patra (KVP) is a safe government investment scheme. In this, your money doubles in a fixed time with a strong interest rate. Know how much money can be invested in this scheme and in how much time it will double.
Kisan Vikas Patra: Amidst rising household expenses and declining savings, many people are looking for investment options that give reliable returns in the long run. One such option is Kisan Vikas Patra (Kisan Vikas Patra, KVP). This government scheme is run through the post office. In this, the investment amount doubles in about 115 months i.e. 9 years 7 months. For example, if you invest ₹ 8,000, you will get ₹ 16,000 on maturity.
What is Kisan Vikas Patra?
Kisan Vikas Patra was launched in 1988. Its purpose is to promote long-term investment especially in semi-urban and rural areas. It is considered one of the safest investment options.
Investment amount and interest
Minimum investment: ₹1,000
Maximum investment: No limit
Interest rate: 7.5% compounded annually
This means that your investment will grow year after year, as interest is added to the principal every year and is also charged on it the next year. However, one thing to keep in mind is that the interest rate in this can be changed by the government every quarter.
How to apply for Kisan Vikas Patra?
- Go to the nearest post office or designated bank branch and get the application form.
- Fill Form A.
- Enter full name, address and contact details.
- Enter the investment amount, mode of payment and nominee.
- Attach KYC documents.
- Pay the money. Up to ₹50,000 can be paid in cash.
- If the amount is larger than this, use demand draft, cheque or RTGS/NEFT.
- After payment, the bank/post office will check your document.
- After successful verification, you will get Kisan Vikas Patra certificate, which should be kept safe till maturity.
Required documents
- Proof of identity: Aadhar card, PAN card, voter ID, passport or driving license.
- Address proof: Aadhar card, utility bill, passport or bank passbook.
- Passport size photo.
- PAN card mandatory if investment is more than ₹50,000.
- Income proof like salary slip, bank statement or ITR mandatory if investment is more than ₹10 lakh.
How does Kisan Vikas Patra work?
- Now suppose you make a lump sum investment of ₹5,000. It will attract a fixed interest rate, which will get added to your investment annually. At the end of 115 months, your investment of ₹5,000 will become around ₹10,000.
- Experts believe that Kisan Vikas Patra is a reliable option for long-term safe investment.
- It not only provides fixed returns but also gives investors the opportunity for financial stability and better cash flow management.
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