Kisan Vikas Patra i.e. KVP is also included in the small saving schemes of the post office. Let us know about this scheme in detail.
Kisan Vikas Patra (KVP): If you are thinking of investing in the coming days, then you can do it in the savings schemes of the post office. You definitely get good returns in these schemes. Also, the money invested in it is also completely safe. If the bank defaults, then you get back only the amount of five lakh rupees. But it is not so in the Post Office. Apart from this, investment in post office savings schemes can be started with a very small amount.
Kisan Vikas Patra i.e. KVP is also included in the small saving schemes of the post office. Let us know about this scheme in detail.
Rate of interest
At present, the interest rate of 6.9 percent per annum is present in the Kisan Vikas Patra of the Post Office. The investment amount will double in 124 months i.e. 10 years and 4 months.
Investment amount
In this post office scheme, at least Rs 1,000 and multiples of Rs 100 can be invested. There is no maximum investment amount in this scheme.
Who can open account?
In the Kisan Vikas Patra Scheme of the Post Office, one adult can open a joint account with up to three adults. Apart from this, the account can also be opened by the guardian on behalf of the minor or on behalf of the person of weak mind. Under this scheme, a minor above the age of 10 years can open an account in his own name also.
Maturity
The amount deposited in the Kisan Vikas Patra will mature from the date of deposit by the Ministry of Finance on the maturity period prescribed by the Ministry of Finance from time to time.
Transfer or mortgage the account
Kisan Vikas Patra can be mortgaged or transferred as security. For this, the person has to submit the letter of approval from the pledgee to the concerned post office. The transfer or pleading can be placed with the President of India or the Governor of the State, RBI or Scheduled Bank or Co-operative Society or Co-operative Bank. Apart from this, transfer or mortgage can also be done with a government or private corporation, government company, local authority or housing finance company.
