Personal Finance
The government-sponsored Kisan Vikas Patra (KVP) offered by Post office which guarantees of doubling your invested amount on the maturity date
Updated : Jun 29, 2019, 04:28 PM IST
Some saving schemes offered by post office like Kisan Vikas Patra (KVP) guarantee doubling your invested amount in less than 10 years. Whatever amount you deposit or any denomination invest, the KVP assures you a double return.
The government schemes are extremely popular among individuals because they offer high interest rates and also because they are affordable. The government small saving schemes also offer various tax rebates on the investment. One such saving is Kisan Vikas Patra. The government-sponsored Kisan Vikas Patra (KVP) offered by post office guarantees doubling your invested amount on the maturity date. Whatever amount you deposit or any denomination you invest, the KVP assures to double the total investment.
Under this scheme, an individual can earn up to 7.7% interest rates. Just like any other saving scheme, interest earned is compounded annually. The minimum investment is Rs 1000 and there is no maximum limit. The tenure of investment must be 112 months.
Here are a few tips that will help you double your amount:
Suppose if you invest Rs 1000 per month for a maturity period of 112 months then your investment value becomes Rs 1,12,000. But after 112 months you can take home Rs 2,24,000.
The minimum monthly investment under KVP must Rs 1000. Since there is no upper limit, it is up to you what amount you want to invest.
Some of the key features of KVP: