Post Office Scheme: There are a lot of investment options available today. However, Kisan Vikas Patra (KVP) may be a good choice if you’re searching for a plan where you can deposit money and earn better interest over an extended period of time. One of the post office‘s greatest little savings programmes is this one. In 115 months, your amount doubles in this. Interest is currently being paid on this scheme at a rate of 7.5%. In this case, be aware of all the details that are pertinent to the plan here:
Flexible Investment Amounts
You can invest multiples of Rs 100 and a minimum of Rs 1000 in the Kisan Vikas Patra Scheme. The maximum investment is unrestricted. One advantage of this scheme is that it allows for the opening of multiple accounts. In addition, you have the choice to open a joint or single account. Your money in this scheme will double in 115 months because the interest rate is 7.5 percent. If you deposit Rs 1 lakh, it will become Rs 2 lakh, and if you deposit Rs 10 lakh, it will become Rs 20 lakh.
Benefits Here
- There are no market fluctuations impacting this scheme, and you will receive guaranteed returns.
- With a minimum investment of ₹1,000, you can begin investing in a KVP account and can invest as much as suits your budget. There’s no upper bound to it.
- Any post office will allow you to open an account for this scheme.
- This scheme matures in 115 months, but until you withdraw the money, interest will be paid on the KVP maturity proceeds.
- Your KVP certificate can be used to obtain a secured loan.
- There is a nomination facility accessible.
Inclusive Account Opening
Under this scheme, any adult may open a single or joint account. A child who is older than ten years old may also take Kisan Vikas Patra under their name. For the benefit of a minor or someone who is mentally incompetent, a guardian may open an account. Documents such as an Aadhar card, an age certificate, a passport-sized photo, and a KVP application form may be needed when opening an account.
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