This savings scheme is a safe, reliable, and long-term investment plan that offers stable returns guaranteed by the government. If you’re looking to grow your money without risk, this could be a wise choice.
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Post Office savings schemes: Among the Post Office savings schemes, there’s a scheme that doubles your money. Yes, this scheme is called Kisan Vikas Patra (KVP). You can invest in this scheme with confidence, as it’s a Government of India scheme that offers guaranteed returns and ensures the safety of your deposits. Investments in this scheme can start with as little as ₹1,000. Under this scheme, your money doubles in 115 months (9 years and 7 months).
Who can open a KVP account?
Any individual can open a Kisan Vikas Patra account in their own name. A maximum of three adults can open a joint account. A Joint A type account must be operated jointly by all depositors or the surviving depositors. A Joint B type account can be operated individually by any depositor or the surviving depositors. Additionally, a guardian can open an account on behalf of a minor.
According to the Post Office’s official website, a guardian can open an account on behalf of a person of unsound mind. This is now called an “Authorized Account,” which is operated by the guardian. A minor aged ten years or older can also operate the account on their own. This facility is commonly known as a “Major Minor Account.”
Minimum Investment Limit and Interest Rate
You can start investing in the Post Office Kisan Vikas Patra scheme with a minimum of ₹1,000. You can deposit any amount in multiples of Rs. 100; there is no maximum deposit limit. This scheme currently offers an interest rate of 7.5% (compounded annually).
Some Key Points to Know
A KVP account can be prematurely closed before maturity under certain circumstances, such as the death of the account holder in a single account, or the death of one or all account holders in a joint account. Furthermore, premature closure can occur when a pledged account is seized by a gazetted officer or when directed to do so by a court order.
