This is a one-time investment scheme offered by India Post. Investments in the scheme are doubled in a fixed period
People are looking for a good place to invest their hard-earned money with a high return value. Until some months ago, for most of us, the go-to investment instrument was a fixed deposit but now the banks have also reduced the rate of interest so much so that it's a waste putting your money there. Instead, one can invest in several schemes of India Post which offers both high returns and security.
In one such long-term investment of the Post Office, it is offering a chance to its investors to double their money in about ten years with the Kisan Vikas Patra (KVP) scheme.
What is Kisan Vikas Patra Scheme?
The Kisan Vikas Patra Scheme is a one-time investment scheme offered by India Post. Investments in the scheme are doubled in a fixed period.
How to invest in Kisan Vikas Patra Scheme?
You can invest Kisan Vikas Patra scheme via any nearby post offices and big banks of the country.
What is the maturity period of the Kisan Vikas Patra Scheme?
Currently, investments in the Kisan Vikas Patra Scheme matures in 124 months. The government is offering a 6.9 per cent interest rate on investments made in the scheme.
What is the minimum investment in the Kisan Vikas Patra Scheme?
You can start investing a minimum of Rs 1000 to start your investment journey with the Kisan Vikas Patra Scheme. Investments in the scheme are made via certificates of denominations of Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000.
Documents required for investments in Kisan Vikas Patra Scheme
PAN cards are mandatory for investments in KVP schemes above Rs 50,000. Investors will also have to submit their Aadhaar card as an identity card.
If you invest Rs 10 lakh or more in the scheme, then you will also have to submit income proof, such as ITR, salary slip and bank statement.
Features of Kisan Vikas Patra
KVP schemes guarantee returns because it is not influenced by market fluctuations. However, one of the few drawbacks of the scheme is that investments are not tax-exempt under section 80C of the Income Tax Act. Another drawback is that investors cannot withdraw the amount on maturity because the investments come with a lock-in period of thirty months.
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