If you want to double your money in the midst of continuously falling interest rates, then you can invest in the Kisan Vikas Patra (KVP) scheme. In this post office scheme, not only your money is safe, but you also get double money on maturity i.e. 124 months (10 years 2 months). The interest rate for this scheme has been fixed at 6.9 percent.
Kisan Vikas Patra is a one-time scheme, which is run by the Government of India. This is mainly for farmers and low income people, so that they can save their money in the long run. It is not necessary to start investing with a large amount in this.
You can start investing from 1000
You can invest in this scheme through post offices and big banks across the country. One can start investing in this with a minimum of Rs 1,000, while there is no maximum limit. If you invest Rs 50,000 in the scheme, then you will get one lakh rupees on maturity.
Withdrawal facility after 2.5 years
Kisan Vikas Patra is available in the form of a certificate. In this, certificates are given up to Rs 1,000, 2,000, 5,000, 10,000 and 50,000, the interest rate of which is fixed at the time of issuance. However, there may be changes in it according to the government rules. Although the maturity period in KVP is 124 months, but you can withdraw after 2.5 years if needed.
These documents are required
As per the KVP rules, it can be bought by an adult on behalf of a minor and a guardian on behalf of a person of weak mind. Identity card like Aadhar card, PAN card, Voter ID card, Driving license and Passport are necessary to open KVP account.
Return on withdrawal after lockin period
Time (in years) -Return (in Rs.)
After 2.5 years and before 3 years – 1,154
After 5 years and before 5.5 years – 1,332
After 7.5 years and before 8 years – 1,537
After 10 years and before maturity – 1,774
On Maturity (12 Months) – 2,000
(Calculation on investment of Rs.1,000)
If not needed, withdraw only on maturity
Investment advisor Sweety Manoj Jain says that this is a scheme of the Government of India. Therefore, there is no risk involved in investing in it. Also the money gets doubled on maturity. It is worth noting that if you want before 124 months, you can withdraw even after two and a half years. In such a situation, you get less interest. Therefore, if not needed, withdraw only on maturity.