KVP Double Money Scheme: Many small savings schemes are being run by the post office. This includes the Kisan Vikas Patra or KVP scheme. The benefit of this scheme is that the person depositing in it has the option of doubling the money. Since it is a post office scheme, there is no risk of money sinking in it and the money doubles by the time of maturity.
In how much time will the money double
The government has fixed an interest rate of 7.5 percent on KVP for the October-December period of the financial year 2023-2024. Accordingly, you invest in KVP for 115 months. After this your money will double.
In such a situation, assume that if a person invests up to Rs 1 lakh in Kisan Vikas Patra for 115 months today, then on maturity that person will get Rs 2 lakh.
For information, before the increase in interest rates, the money in Kisan Vikas Patra used to double in 123 months. But with the increase in the interest rate, due to doubling of money, the period also decreased and now the money is doubling in 115 months.
Start investing with just Rs 1000
You can start investing in KVP scheme with just Rs 1000. There is no maximum investment limit. This means that you can invest as much as you want. You get the benefit of tax benefit in Kisan Vikas Patra.
Under Section 80C of Income Tax, you can get tax benefit of up to Rs 1.5 lakh on investment made in Kisan Vikas Patra in a financial year. In Kisan Vikas Patra scheme, you can open the account of children above 10 years of age.
How to open an account in KVP scheme
To open an account in Kisan Vikas Patra scheme, you must have a savings account in the post office. Through which you can easily open an account in Kisan Vikas Patra.
