Investing in post office is risk free. Most of the people in India invest in post office schemes for the future. Because it is not only risk free but also gives good returns to the investors and also gives the benefit of loan facility and higher amount on maturity. Along with this, you also get the benefit of tax in this.
One such post office scheme is Kisan Vikas Patra Yojana, in which all facilities are provided to the investors along with returns. Let us know the complete details about this scheme…
You can invest as much as you want
One of the small savings schemes offered by the post office is Kisan Vikas Patra Yojana, under this scheme if an investor starts investing, he can invest as much money as he wants. There is no maximum investment limit, but at least Rs 1000 has to be invested in multiples of 100.
Who can take advantage
Two types of accounts are opened under this scheme, which include single account and joint account. Under a joint account, two adults and one minor child can open an account simultaneously. At the same time, the account of minor children can be opened only on the confirmation of the guardian of those above the age of 10 years.
Money is double in this scheme
This post office scheme doubles investors’ money in 124 months i.e. 10 years and 4 months. Under this scheme, investors get an annual return of 6.9 percent. For example, if you have invested Rs 50,000 in this scheme, you will get Rs 1 lakh after 10 years and 4 months with 6.9 return.
mortgage of account
This is a scheme under which you can pledge your account as security on getting the approval of the post office. Apart from this, you can also transfer this account in the name of another person.
In case of premature closure of account
KVP can be closed at any time prior to maturity subject to certain conditions. A single account in a joint account, or on the death of any or all the account holders, forfeiture by the pledgee being a gazetted officer, when ordered by a court, and after 2 years and 6 months from the date of deposit. can be done.
Transfer of account to another person
KVP can be transferred from person to person only under these conditions.
- On the death of the account holder to the nominee/legal heirs.
- On the death of the joint holder(s) of the account holder.
- on the order of the Court.
- On pledge of account to the Designated Authority.