Invest money in this scheme of Post Office and forget it...You will get guaranteed ₹10,00,000 on investment of ₹5,00,000
KVP is a scheme that guarantees a doubling of money. For those people who have extra lump sum money but do not want to take any kind of risk with that money, this scheme can be very beneficial for them.
KVP Post Office Scheme: If you are looking for better options for long-term investment and want to get guaranteed returns, then you will find many good schemes in the post office. Kisan Vikas Patra is one of them. The government started this scheme in the year 1988 to encourage long-term financial savings.
Initially, this scheme was only for farmers, but now any Indian citizen can invest in it. At present, 7.5 percent interest is being given on this scheme. KVP scheme guarantees to double your investment in 115 months i.e. 9 years and 7 months. If you invest Rs 5 lakh in this scheme, then after 115 months when it matures, you will get Rs 10 lakh as a return.
How much money can be invested?
Investment in KVP can be started with just Rs 1000. There is no maximum investment limit. But if you invest more than Rs 50,000 in it, then you must provide a PAN card. To prevent the possibility of money laundering, the government made PAN cards mandatory for investments of more than Rs 50 50,000 in Kisan Vikas Patra in 2014. On the other hand, if you want to invest Rs 10 lakh and more, then you may have to give some documents to the post office like salary slip, ITR, bank statements, and Aadhaar number.
For whom is the scheme beneficial
For people who have extra lump sum money but do not want to take any kind of risk with that money, and also do not need this money shortly, Kisan Vikas Patra can prove to be a very good deal.
Who can open an account?
Any adult person above 18 years of age can open a single or joint account under this scheme. Apart from this, a child above 10 years of age can take Kisan Vikas Patra in his name. Guardians can open an account on behalf of a minor or a person of unsound mind. NRIs are not allowed to invest in it. While opening an account, documents like an Aadhar card, age certificate, passport-size photograph, KVP application form, etc. may be required.
You can make pre-mature withdrawals of money with some conditions.
Premature withdrawal can be done after 2 years and 6 months from the date of depositing the KVP account. However, pre-mature deposits can be made anytime under certain special circumstances such as
In the case of a KVP holder or joint account, on the death of one or all the account holders
In the case of the gazette officer, on seizure by the mortgagee
On the order of the court
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