Kisan Vikas Partra: If you want your deposited amount to be safe and it keeps increasing, then you will have to invest your money for this. For safe investment and good returns, the post office scheme Kisan Vikas Patra can prove to be very beneficial for you.
In Post Office Savings Schemes, your money is not only safe, but it also earns more interest than other schemes.
The Kisan Vikas Patra scheme was started in 1988. Its purpose was to double the investment of farmers, but now it is for all the people of India.
Under Kisan Vikas Patra Yojana, you can double your deposited amount in 10 years and 4 months i.e. 124 months. Interest is available on this account at the rate of 6.9 percent per annum. Earlier this interest was 7.6 percent.
If you invest in Kisan Vikas Patra Yojana then the lump sum amount deposited doubles in 10 years and 4 months. On Kisan Vikas Patra, you get an annual compound interest of 6.9%.
Investment is made in the form of certificate in Kisan Vikas Patra (KVP). You can buy this certificate for Rs 1,000, Rs 5,000, Rs 10,000 and Rs 50,000.
PAN card was made mandatory for investments above Rs 50,000. If investing 10 lakhs or more, then income proof will also have to be submitted, such as ITR, salary slip and bank statement. Apart from this, Aadhaar is also to be given as an identity card.
Under this scheme, any Indian person whose age is more than 18 years can open his account in it. However, there is no upper age limit for opening an account. But under this, KVP certificate can also be purchased in the name of a minor.
India Post’s official website indiapost.gov.in also claims that your money will double in 124 months.
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