Any person starts investing in any scheme after seeing the profit. Some people are ready to take risks in the pursuit of profit, while some people like to invest in a place where their investment is completely safe and they get guaranteed profits. If you are also one of those investors who like to invest in schemes with safe and guaranteed returns, then you must keep a post office scheme in your portfolio. We are talking about Post Office Kisan Vikas Patra, this is a scheme which gives a guaranteed double return on your investment. Know all the benefits of this scheme.
Post Office's Kisan Vikas Patra Scheme guarantees a doubling of investment to any investor in 115 months. At present, this scheme offers 7.5 per cent compound interest annually. The good thing is that in this scheme a person can start investing with even Rs 1000 and there is no limit on the maximum investment. Apart from this, any number of accounts can be opened under this scheme.
Who can open an account?
Hearing the name Kisan Vikas Patra, it seems that this scheme has been made only for farmers. This scheme was started in 1988 when its objective was to double the investment of farmers, but now it has been opened to everyone. Now any adult person can open a single or joint account. Apart from this, a child above 10 years of age can take Kisan Vikas Patra in his/her name.
A guardian can open an account on behalf of a minor or a person of unsound mind. While opening an account, documents like an Aadhar card, age certificate, passport-size photograph, KVP application form etc. may be required. NRI is not eligible for this scheme.
Premature withdrawal can be done after 2 years and 6 months from the date of deposit in the KVP account. However, some conditions apply to this, which are as follows:-
In the case of a KVP holder or joint account, on the death of any or all the account holders
On court order
