Government Saving SchemeKisan Vikas Patra (KVP) is also included in the Small Savings Schemes (SSS) of the post office. By investing in this scheme, your money will double in 124 months (10 years and 4 months). Let us know all the details about this scheme.
Kisan Vikas Patra, If you are planning to make a safe and assured return investment in the coming days, then you can do it in the small savings schemes of the post office. In these schemes, you get better returns than the bank. Also, the money invested in it is also completely safe.
However, if the bank becomes insolvent, then you get back only five lakh rupees. But this is not the case in the post office. The government has a sovereign guarantee on the entire money invested here.
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Rate of interest
At present, an interest rate of 6.9 percent is present in the Kisan Vikas Patra (KVP) scheme of the Post Office. In this the interest is compounded annually. This interest rate is applicable from 1st April 2020.
A minimum investment of Rs 1000 will have to be made in this post office scheme. Investment will have to be made in multiples of Rs 100. There is no maximum investment limit.
will open their account
In Kisan Vikas Patra, one adult or up to three adults can jointly open a joint account. Apart from this, a person of weak mind or a guardian on behalf of a minor can also open the account. Also, a minor above the age of 10 years can open an account in this scheme in his own name.
The amount deposited in this scheme will mature on the basis of the period of maturity as notified by the Ministry of Finance from time to time. This will be viewed from the date of submission.
Kisan Vikas Patra can be transferred from person to person only in the following cases:
– Can be transferred to the nominee or legal heir on the death of the account holder
On the death of the account holder, the account can be transferred to the joint holder.
Account transfer can be done on the direction of the court.
– In case the account is pledged to any authority