Kisan Vikas Patra (KVP) is one of the best small savings schemes of post office. Currently, this compound offers an interest rate of 7.5% per annum. Kisan Vikas Patra (KVP) is one of the best small savings schemes of post office. Currently, this compound offers an interest rate of 7.5% per annum. In this scheme you have to invest once and your investment doubles in a given time. It will take 115 months or 9 years and seven months for your money to double in Kisan Vikas Patra at the current interest rates.
KVP is a risk-free investment option offered by India Post Office, which is the first choice of many people in the country. This is a good option for people looking for long term investments. In this scheme you can invest a minimum of Rs 1000 and in multiples of 100. There is no maximum limit on investment under the scheme.
When will your money double through KVP scheme?
With this, the lump sum investment doubles in about 9 years and 7 months. For example, a Kisan Vikas Patra of ₹50,000 will give you ₹100,000 after maturity.
Who can open an account?
A single adult person or a maximum of three persons can open a Kisan Vikas Patra Account by creating a joint account. Parents can also open an account on behalf of the minor. Any minor above 10 years of age can open a KVP account in his/her name.
other information
KVP can be prematurely closed at any time before maturity, subject to certain conditions. KVP is not eligible for deduction under section 80C of Income Tax. The returns on investment in Kisan Vikas Patra are taxable. To open an account under this scheme, documents like Aadhar Card, Age Certificate, Passport Size Photo, KVP Application Form are required.
