Money Double Scheme in Post Office: The special thing about this scheme is that there is no maximum investment limit in this. The minimum limit is Rs 1,000.
Post Office KVP Scheme: You can double your money guaranteed by investing in government schemes without taking any kind of risk. In this scheme, your money will be completely safe and after a certain time the money will be doubled. We are talking about the post office’s small savings scheme Kisan Vikas Patra (KVP).
In this scheme, the money becomes double in 124 months (10 years 4 months). Its special thing is that there is no maximum investment limit in this. The minimum investment is Rs 1,000. For such investors who want guaranteed returns without taking any risk in the long term, Kisan Vikas Patra is a better option for them.
KVP: Features of the Scheme
The minimum age of the person investing in Kisan Vikas Patra (KVP) is 18 years. Apart from the single account, there is also the facility of joint account in this. This scheme is also available for minors, which has to be looked after by the guardian. This scheme is also applicable for Trusts except Hindu Undivided Family i.e. HUF or NRI.
KVP accounts can be purchased at the post office. No tax deduction is available on this scheme investment under the Income Tax Act 80C. At the same time, the return on maturity is taxable. However, TDS is not deducted in this scheme. At present, 6.9 percent interest is being received in Kisan Vikas Patra. There is annual compounding of interest in this. If you invest 10 lakh rupees in this scheme, then after 124 months your money will become 20 lakhs.
KVP: How to open account
You can deposit a minimum of Rs 1000 in KVP and then in multiples of Rs 100. There is no maximum limit for investment. It is easy to open a KVP account. You can open an account by filling the form by visiting the post office. Apart from this, the form can also be downloaded online. The amount of purchase amount should be clearly mentioned in the form. The payment of KVP form amount can be done by check or cash.
If the applicant is a minor, then he/she will have to provide date of birth (DOB) certificate, parent’s name, guardian’s name. With this, you will have to provide KYV documents such as address proof, age proof, ID proof. On submission of the form, Kisan Vikas Certificate will be issued with the name of the beneficiary, maturity date and maturity amount.