New Delhi: The Indian Post offers attractive schemes designed to double your investment over a specified period. One such scheme is the Kisan Vikas Patra. As per the Post Office website, the Kisan Vikas Patra (KVP) scheme can double your investment within 115 months (9 yearsand 7 months). Currently, it provides an interest rate of 7.5 per cent compounded annually. Here’s a detailed look at how this Post Office scheme operates and its benefits:
Kisan Vikas Patra doubles the money
Currently, Kisan Vikas Patra interest rate is 7.5 per cent per annum. As per the website of Post Office, Kisan Vikas Patra investments can be doubled in 9 years 7 months. So if you invest Rs 100,000 now, you will receive a maturity amount of Rs 2,00,000 after 9 years 7 months. Government updates the interest rate of Post office Small savings scheme every quarter. Hence the maturity amount can vary subject to change in interest rate.
Post office Kisan Vikas Patra eligibility
Individuals aged 18 and above can open a Kisan Vikas Patra account in the Post Office. A joint account holder comprising up to three adults minors aged 10 and above, as well as guardians managing accounts for minors or individuals lacking capacity due to mental impairment.
Kisan Vikas Patra deposit limit
You can open multiple accounts with a minimum deposit of Rs. 1,000 and in multiples of Rs. 100, without any maximum deposit limit. You can make an investment in lump sum or in monthly installments. The maturity period will be as specified by the Ministry of Finance.
Premature closure
The account features several conditions where premature closure is permitted. These include instances where there is a court order mandating closure, the unfortunate event of the account holder(s) passing away, or after the account has been active for two years and six months.
Additionally, closure can occur if authorized by a Gazetted officer for specific reasons as outlined in the terms and conditions.
Rules and Transfer
The Kisan Vikas Patra (KVP) allows for pledging or transferring the account under the following conditions:
On death of an account holder, legal heirs or nominees receive a maturity amount.
Transfer as per court orders or joint holder entitlement.
Pledging to authorised bodies enables potential transfer.
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Investing in India Post schemes like Kisan Vikas Patra is a secure option because of government backing and decent returns. This scheme allows you to double your investment in approximately 9.7 years. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
