Government Scheme: Your money will be double in 10 years, know how

New Delhi: We all want our money to be doubled as soon as possible. Along with this, there is a desire that the money deposited should be fully protected. If you are thinking of making a long term investment, then the post office Kisan Vikas Patra (KVP) scheme may be the best option. If you also want to invest in Kisan Vikas Patra (KVP), then take full details related to this scheme here.

Money will double in 10 years

Investing in this post office scheme guarantees the investor to secure his money and better returns. The rate of interest and doubling of investment for this scheme is fixed by the government on a quarterly basis. According to India Post’s website, the maturity period in Kisan Vikas Patra is 124 months. That is, the investment of the customer in this scheme will now be doubled in 124 months i.e. 10 years and 4 months.

Know who can invest

The age of the investee in Kisan Vikas Patra (KVP) must be at least 18 years. Apart from single account, it also has the facility of joint account. At the same time, this scheme also exists for minors, which the guardian has to supervise. This scheme is also applicable to trusts except Hindu undivided family i.e. HUF or NRI. KVP has certificates up to Rs 1000, Rs 5000, Rs 10,000 and up to Rs 50,000, which can be purchased. There is also the risk of money laundering due to no investment limit, so the government made the PAN card mandatory in 2014 for investments above Rs 50,000. If you invest 10 lakh or more, then income proof will also have to be deposited, such as ITR, salary slip and bank statement. Apart from this, Aadhaar has to be given as an identity card.

Know how much interest rate

The interest rate for KVP has been fixed at 6.9 per cent for the second quarter of FY 2021, ie till 30 September. Yes, your investment will double in 124 months. If you invest 1 lakh rupees outright, then you will get 2 lakh rupees on maturity. The 124-month scheme has a maturity period. The Kisan Vikas Patra can be redeemed two and a half years after the date of issue. KVP can also be transferred from one post office to another post office. Kisan Vikas Patra can be transferred from one person to another. Nomination facility is available in KVP. The Kisan Vikas Patra is issued in the shape of a passbook.

You can buy these 3 ways Single Holder Type Certificate: This type of certificate is purchased for yourself or for a minor. Joint A Account Certificate: It is issued jointly to two adults. Both holders are paid, or who are alive Joint B Account Certificate: It is issued jointly to two adults. Either pays or is alive

How to open account in KVP

You can open an account by going to any post office and filling the form. The form can also be downloaded online. The full name, date of birth and address of the nominee should be written on the form. The amount of purchase amount must be clearly written in the form. KVP form amount can be paid through check or cash. If you are paying through check, please write the check number information on the form. Explain in the form KVP single or joint A or join B membership, on what basis is being purchased. When buying jointly, write the names of both the beneficiaries. Write the date of birth (DOB), name of the parent, if the beneficiary is a minor. On submitting the form, you will get the Kisan Vikas certificate along with the beneficiary’s name, maturity date and maturity amount.

 

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