New Delhi: Inventors always seek impressive returns on their investments, keeping in mind the safety of the investment. Offering both high returns and security is India Post with its several savings schemes. In one such long term investment, Post Office is offering investors a chance to double their money in about 10 years with the Kisan Vikas Patra (KVP) scheme.
What is Kisan Vikas Patra Scheme?
Kisan Vikas Patra Scheme is a one-time investment scheme offered by India Post. Investments in the scheme are doubled in a fixed period.
How to invest in Kisan Vikas Patra Scheme?
You can invest Kisan Vikas Patra scheme via any nearby post offices and big banks of the country.
What is the maturity period of the Kisan Vikas Patra Scheme?
At present, investments in the Kisan Vikas Patra Scheme matures in 124 months. The government is offering a 6.9% interest rate on investments made in the scheme.
What is the minimum investment in the Kisan Vikas Patra Scheme?
One can invest a minimum of Rs 1000 to start their investment journey with the Kisan Vikas Patra Scheme. Investments in the scheme are made via certificates of denominations of Rs 1000, Rs5000, Rs10,000 and Rs 50,000.
Documents required for investments in Kisan Vikas Patra Scheme
The government has made PAN cards mandatory for investments of more than Rs 50,000 in the Kisan Vikas Patra Scheme. Investors will also have to submit their Aadhaar card as an identity card.
If you invest 10 lakh or more in the scheme, then you will also have to submit income proof, such as ITR, salary slip and bank statement.
Features of Kisan Vikas Patra
Kisan Vikas Patra scheme gives guaranteed returns, as it is not affected by market fluctuations, which makes the investment safe. Also Read: Gold Price Today, 22 July 2021: Gold loses sheen, selling cheaper by Rs 8750 from record highs
One of the few drawbacks of the scheme is that investments are not tax-exempt under section 80C of the Income Tax Act. Another drawback is that investors can not withdraw the amount on maturity because the investments come with a lock-in period of 30 months. Also Read: Union Cabinet approves Rs 6,322-crore PLI scheme for specialty steel, to generate 5.25 lakh jobs