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Monday, October 25, 2021

KVP: Money guaranteed double, can start from Rs 1000

 

Kisan Vikas Patra: Kisan Vikas Patra (KVP) is included in the government-supported savings schemes, where the amount is guaranteed to be doubled. Being supported by the government, there is no risk here and your investment is completely safe. This scheme is better for those investors who are thinking of investing long term. Kisan Vikas Patra is present in all post offices and big banks of the country. Its maturity period is still 124 months. The minimum investment in this is 1000 rupees. There is no maximum investment limit.

Certificates up to 50 thousand rupees

KVP has certificates up to Rs 1000, Rs 5000, Rs 10,000 and up to Rs 50,000, which can be purchased.

Types of Kisan Vikas Patra

Single Holder Certificate: For an adult person or a minor
Joint A: Joint form for two adults. It benefits both the person or the person surviving till maturity.
Joint B: Joint form for two adults. It is paid to either of the two persons or to the one who survives till maturity.

Interest rate and maturity

The interest rate is now 6.9 percent per annum under the Kisan Vikas Patra Account. This scheme guarantees to double the money. According to the current interest rate, it will take 124 months for your investment to double here. That is, its maturity period is now 124 months. In the last March quarter, the interest rate on this was 7.7 percent per annum and the money used to double in 112 months here. In the December quarter too, the interest rate was 707 percent. However, interest was 7.3 per cent in the second quarter of FY 2019 and it took 118 months for the money to double.

What is required to open an account

Identity proof, address proof for KYC process
For this, Aadhaar card or PAN card or Voter ID card or driving license or passport is valid. Apart from this, KVP application form and death of birth certificate are required.

How to open an account?

  • For this, you can open an account by going to any post office nearby and filling the form. Apart from this, the form can also be downloaded online.
  • Full name, date of birth and address of nominee should be written on the form.
  • The amount of purchase amount must be clearly written in the form.
  • The amount of KVP form can be paid through check or cash.
  • If you are paying through a check, please write the check number information on the form.
  • Explain in the form KVP single or joint ‘A’ or joint ‘B’ membership, on what basis is being purchased.
  • If it is purchased with a join, then write the names of both the beneficiaries.
  • If the beneficiary is a minor, then write his date of birth (DOB), parent’s name, guardian’s name.
  • On submission of the form, a farmer development certificate will be provided along with the beneficiary’s name, maturity date and maturity amount.

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Source: www.financialexpress.com

Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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