How wonderful it would be if your lump sum amount gets doubled. Yes, one such scheme of the post office is Kisan Vikas Patra (KVP) which doubles any amount directly in 115 months. That means, if you deposit Rs 10 lakh in this scheme today, it will directly become Rs 20 lakh after next 115 months. Investing in Kisan Vikas Patra is also very safe, because it is a saving scheme of the Government of India. That means you don’t have to worry about your money, it will be completely safe. In such a situation, if you are also interested in doubling your money then you can invest in it. Come, let us know the whole thing about this scheme here.
Who can open KVP account
According to the official website of India Post, any Indian citizen can open an account for the Kisan Vikas Patra Scheme. Not only this, a joint account can be opened by up to three people together. Apart from this, a guardian can also open an account in the name of a minor or mentally challenged person. Also, if a minor is above 10 years of age, he can open Kisan Vikas Patra account in his own name also.
interest rates and investment
Currently, interest rate of 7.5 percent per annum is being offered on Kisan Vikas Patra Scheme. Let us tell you, the interest rate on this scheme is decided by the Government of India (Ministry of Finance) from time to time. You can invest a minimum of Rs 1000 in this scheme and you can invest any amount in multiples of 100. Not only this, under this scheme you can open as many accounts as you want and invest money. The deposit amount will mature on the maturity period prescribed by the Ministry of Finance from time to time, which is applicable on the date of deposit. Under this scheme, the deposit amount doubles in 115 months or 9 years and 7 months.
You can withdraw money even before maturity but
Kisan Vikas Patra Scheme can be closed even before maturity under certain conditions. This can happen when one or all of the account holders in a single account or joint account die. Moreover, foreclosure can be effected by the mortgagee being a Gazetted Officer. Also, if the court gives any order then it can be closed. According to the official website, this account can usually be closed after 2 years and 6 months from the date of deposit. This account can also be transferred from one person to another with certain conditions or as per the circumstances.
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