Let us know in detail about Kisan Vikas Patra.
Kisan Vikas Patra (KVP): If you are thinking of investing in the coming days, then you can do it in the savings schemes of the post office. You definitely get good returns in these schemes. Also, the money invested in it is also completely safe. If the bank defaults, then you get back only Rs 5 lakh. But this is not the case in the post office. Apart from this, investment in post office savings schemes can be started with a very small amount.
Kisan Vikas Patra is also included in the small savings schemes of the post office. By investing in this, your money will double in 10 years and 4 months. Let us know in detail about Kisan Vikas Patra.
Rate of interest
The Kisan Patra (KVP) scheme of the post office has an interest rate of 6.9 percent. In this the interest is compounded on an annual basis. The amount invested by the individual will become due in 124 months.
How much can I invest?
A minimum investment of Rs 1000 can be made in Kisan Vikas Patra. The investment will have to be made in multiples of Rs 100. There is no maximum limit for investment in this post office scheme.
Who can open account?
Under this scheme, any adult, up to three adults together can open a joint account, a person of weak mind or a guardian on behalf of a minor or a minor of more than 10 years of age.
- Any number of accounts can be opened in this post office scheme.
- The amount deposited in the scheme will mature on the maturity period prescribed by the Ministry of Finance from time to time. The amount will be considered suitable from the date of deposit.
- KVP can be pledged or transferred as security. For this, the appropriate application form has to be submitted in the respective post office. Along with this, there should also be a letter of approval from the person with whom you are pledging.
- Kisan Vikas Patra can be closed at any time before maturity under certain circumstances. The account can be closed in the event of death of any or all the account holders, in case of account holder or joint account. It can be closed even if ordered by the court. Also it can be closed after a period of 2 years and 6 months from the date of deposit.
- Under this scheme, Kisan Vikas Patra can be transferred from one person to another person only in certain situations. In case of death of the account holder, it can be transferred to his/her nominee/legal heirs. Apart from this, the account can be transferred to the joint holder after the death of the person. Transfer can be done after the order of the court.
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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.