Amazing Government scheme: Your money will double in 10 years!
New Delhi. If you are thinking of doubling your money, then you can invest in the Kisan Vikas Patra (Kisan Vikas Patra KVP) scheme of the Post Office. Investing in this post office scheme guarantees the investor to secure his money and better returns. The rate of interest and doubling of investment for this scheme is decided by the government on a quarterly basis. According to India Post's website, the maturity period in Kisan Vikas Patra is 124 months. That is, now the investment of the customer in this scheme will be doubled in 124 months i.e. 10 years and 4 months.
Who can invest?
It is necessary to be at least 18 years of age to invest in Kisan Vikas Patra (KVP). Apart from a single account, it also has the facility of a joint account. At the same time, this scheme also exists for minors, which the guardian has to supervise. This scheme is also applicable to trusts except Hindu undivided families ie HUF or NRI. KVP has certificates up to Rs 1000, Rs 5000, Rs 10,000 and up to Rs 50,000, which can be purchased.
Know how much interest rate
For the KVP, its interest rate has been fixed at 6.9 percent till the second quarter of FY 2021 i.e. 30 September. Yes, your investment will double in 124 months. If you invest 1 lakh rupees outright, you will get 2 lakh rupees on maturity. The 124-month scheme has a maturity period.
Kisan Vikas Patra can be redeemed two and a half years after the date of issue. KVP can also be transferred from one post office to another post office. Kisan Vikas Patra can be transferred from one person to another. Nomination facility is available in KVP.
Will have to provide PAN and Aadhaar
There is also a risk of money laundering because there is no investment limit, so in 2014, the government made PAN cards mandatory for investments above Rs 50,000. If you invest 10 lakh or more, then income proof will also have to be deposited, such as ITR, salary slip and bank statement. Apart from this, Aadhaar has to be given as an identity card.
👉Single Holder Type Certificate: This type of certificate is purchased for yourself or for a minor.
👉 Joint A Account Certificate: It is issued jointly to two adults. Both holders are paid, or who are alive
👉 Joint B Account Certificate: It is issued jointly to two adults. Either pays or is alive.
Source: News 18, 31 Oct 2020,
If you feel this information is useful to you, like 👍 and share it with your friends.