Post Office Kisan Vikas Patra: Kisan Vikas Patra (KVP) are among the government-supported savings schemes, where the money is guaranteed to double. 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. In case of default of the bank, insurance is guaranteed up to only five lakh rupees deposited in it. This guarantee is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC) bank customers. Whereas, the money deposited in the post office has a sovereign guarantee. The amount invested in this scheme is guaranteed to double in 124 months. Let us know about the features of the post office Kisan Vikas Patra (KVP) scheme.
Rate of interest
The scheme of post office is getting interest at the rate of 6.9 percent annually. This interest rate is applicable from 1 April 2020. On investing in this scheme, your money will double in a period of 124 months (10 years and 4 months). For example, suppose you invest 5 lakh rupees in this scheme, then after 124 months you will get 10 lakh rupees. Earlier, the deposit amount was doubled in 113 months.
In this scheme, you can invest in multiples of 100 rupees. The minimum amount for investment is 1000 rupees and there is no maximum limit. Under the scheme, any adult, including a maximum of 3 adults, can buy a joint account, a minor over 10 years of age, under the scheme. With this, on behalf of a minor, an adult and a guardian can also buy the certificate on behalf of a person with a weak mind.
The Kisan Vikas Patra is issued as a passbook. It can be purchased from any departmental post office. Nomination facility is available in the scheme. The certificate can be transferred from one person to another and from one post office to another post office.