Post office schemes are considered good investments with zero risk. People who are interested in investing money but don't want to take any risk they wisely invest in post office schemes. Kisan Vikas Patra scheme (KVP) is a good scheme for such farmers who want to double their money in 124 months or 10 years without any risk or with 100 % guaranteed returns. Let’s understand this scheme in detail
What is Kisan Vikas Patra in post office
Kisan viaks patra scheme in post office - Kisan Vikas Patra (KVP) is one of the initiatives by the central government and it is commonly known as KVP. KVP is one of the best small saving schemes offered by the post office that assures double investors money with a guaranteed return in a time span of 10 years 4 months. KVP current interest rate is 6.9 % compounded annually.
In how many years Kisan Vikas Patra double
Kvp double scheme - According to the post office it will take 124 months or 10 years 4 months to double investors amount with a guaranteed return.
KVP account opening minimum balance
Kvp account in post office - Good thing about ‘Kisan Vikas Patra Account’ is that one can easily open an account with minimum Rs 1000 and multiple of Rs 100 thereafter.
KVP interest rate 2021-22 post office
Post office kvp interest rate - KVP interest rate in post office today is 6.9% which is compounded annually. KVP is such a smart scheme that promises to double investors amount in the time period of 124 months or 10 years 4 months. the
Current kvp interest rate in post office - Good thing is that the Kisan Vikas Patra interest rate did not fluctuate a lot and remains at 6.9 %. Moreover, the Government has not changed the small savings schemes.
Maturity value - The maturity value calculated based on the current interest rate of kvp will be preprinted on your kvp certificate during kvp purchase time. It simply means that if the rate of interest will change at the time of maturity your returns will not be affected. Even if the KVP interest rate goes down it won't affect your investment and you will get what you were promised during the kvp account opening in the post office. This is the reason why KVP is considered as one of the safest investment options.
Who can apply for Kisan Vikas Patra
KVP eligibility - Kisan Vikas Patra eligibility contains some simple parameters
KVP minimum age limit - Any citizen who is over 18 years can invest in a kvp scheme and can open a kvp account in the post office.
KVP maximum age limit - There is no upper age limit in KVP scheme which simply means senior citizens can also apply for KVP online or offline.
Who can apply for kvp - This scheme also allows minors to invest but kvp purchase from banks should be done by an adult meaning the account has to be held by adults including purchase of the kvp forms should be done by the adults and minors can only invest.
Who can not apply kvp scheme - Only citizens of India residing in India are eligible for kvp scheme. Non resident Indians are not eligible for the kisan vikas patra scheme. Companies are not eligible to purchase kvp certificates.
Kisan credit card loan (KCC) is another beneficial asset for farmers who want to buy machinery and other important agriculture tools or equipement but dont have big money. They can use kcc and apply for loan and pay after some time accordingly. One should know how to apply for kcc loan documents for easy money arrangement for farming.
Minimum and maximum investment limit in KVP scheme
Kvp minimum amount - The minimum amount required to open a KVP account is Rs 1000 and PAN card is mandatory for investment above Rs 50,000. KVP scheme is considered a low risk or no risk Saving Scheme because it is backed up by the central government. It is not directly related to the market risk because the interest on the KVP certificate is decided by the ‘Ministry of Finance’.
Post office KVP withdrawal before maturity
However, KVP allows investors premature withdrawals but one has to pay a fine. If a person withdraws within one year he will lose the interest and also have to pay the penalty. If a person withdraws within one year or two and half years they will not have to pay the penalty but interest will be reduced. KVP withdrawal after 2.5 years is allowed and there will be no penalty or reduction in the interest.
How to invest in Kisan Vikas Patra scheme
- First visit main branch of your post office.
- Then purchase kvp form.
- Fill the form and submit to the post office.
- Submit necessary documents with kvp certificate.
- Documents required for kvp account.
- Pan card.
- Aadhar card.
- Bank account.
- 2-4 Passport size photos.