If you want to deposit your savings and do not want to take any risk, then you can deposit your money under Kisan Vikas Patra (KVP) scheme provided by the Indian Post Office.
Saving is very important for everyone. Savings help us in dealing with the unexpected expenses in the future. If you want to deposit your savings and do not want to take any risk, then you can deposit your money under Kisan Vikas Patra (KVP) scheme provided by the Indian Post Office. In this post office investment scheme, the depositor gets the benefit of government security on his deposit along with better returns. According to the official website of the post office, if you invest in this scheme for 10 years and 4 months (124 months), then your amount will double. Let us know the complete details of the scheme.
Rate of interest
Under the Kisan Vikas Patra (KVP) scheme of Indian Post, you will get the benefit of an interest rate of 6.9 percent per annum at present on depositing your money. This interest is compounded annually.
Investment Amount
The certificate is issued for the amount invested in the Kisan Vikas Patra (KVP) scheme of Indian Post. Any person can invest in this scheme with a minimum investment of Rs.1,000. If you invest more than Rs 50,000, then you have to provide PAN card for this. The interest on investment in this post office scheme is decided by the Ministry of Finance and is not related to market risks.
Who can open his account
In this scheme of post office, any Indian person who is an adult can open his account. There is no upper age limit for opening an account under the scheme. Under this, KVP certificates can also be purchased in the name of minors. NRI is not eligible for this scheme.
About the plan
The name of Indian Post’s Kisan Vikas Patra (KVP) scheme makes it clear that this scheme is for farmers. But any person can take advantage of this scheme. In this scheme, an individual has to invest at least Rs 1,000 to buy a KVP certificate. Investment in this post office scheme can be done in multiples of Rs 1,000 only and there is no upper limit for investing under it. If you are investing more than Rs 50,000 in the scheme, then for this you will have to provide your PAN card details.
