Invest in THIS scheme offered by Post Office to double your money

All earning individuals like to invest in a financial instrument that would fetch them a guaranteed amount in their old age. One such instrument is the Kisan Vikas Patra (KVP) scheme by the Post Office of India - it is a scheme where your money is safe and you will get double returns on maturity. 

The Kisan Vikas Patra is a one-time investment scheme by the Government of India, where your money is doubled in a fixed period. The KVP scheme is present in all Post offices across the country and big banks of the country. 

The maturity period of the KVP is 124 months. The minimum investment in this scheme is Rs 1000 and there is no maximum limit. This scheme is mainly made for farmers and people with low incomes so that they can save their money for a long time.

The interest rate for KVP in the first quarter of FY 2021 has been fixed at 6.9 per cent. Here your investment will double in 124 months. If you invest Rs 5 lakh in a lump sum, you will get Rs 10 lakh on maturity.

The minimum investment in this scheme is Rs 1,000. You get this in the form of a certificate, in which certificates up to Rs 1,000, 2,000, 5,000, 10,000 and 50,000 are given. In this, you get a guarantee from the government.

The KVP certificate can be purchased by a single adult and a maximum of three adults can have a joint account. Apart from this, it can be purchased by an adult on behalf of a minor and a guardian on behalf of a weak minded person.

For Kisan Vikas Patra Scheme, one has to go to the post office. The applicant must have an identity card such as Aadhar Card, PAN Card, Voter ID Card, Driving License and Passport. In this scheme, account can be opened in both single and joint mode. At the same time, parents can also get an account opened for their young child.