Post Office Scheme: Many people consider investing in various Post Office schemes, but they often don’t know which scheme would be the most beneficial.
Kisan Vikas Patra Scheme: Now, investing in the Post Office’s Kisan Vikas Patra (KVP) scheme yields an interest rate of 7.5% instead of the previous 6.9%.
In such a situation, you can get good benefits by investing money in this scheme. Let us tell you how you can apply for it.
You can also invest in Kisan Vikas Patra Scheme
Under this scheme, a single or joint account can be opened. Apart from this, a child above 10 years of age can get Kisan Vikas Patra in his name.
A guardian can open an account on behalf of a minor child. While opening an account, documents like Aadhar card, age certificate, passport size photograph, KVP application form etc. may be required.
Start investing in it with this much money
In the Kisan Vikas Patra scheme of the post office, you can invest a minimum of Rs 1000 and in multiples of 100.
There is no maximum investment limit in this and any number of accounts can be opened under this scheme. Apart from this, you are also given the option to open single and joint accounts. After 7.5 percent, now your money in this scheme can double in just 115 months.
All these facilities are available in these schemes
Apart from this, it can also be transferred from one post office to another. The minimum age for investing in Kisan Vikas Patra is 18 years. Keep in mind that the lock in period of Kisan Vikas Patra is 2.5 i.e. two and a half years (30 months). The investor cannot withdraw money from the account till the lock in period.
If you want to close this account, then let us tell you that there are some conditions attached to it. Single and joint accounts can be closed prematurely on the death of the account holder.
The account linked to this scheme can be closed prematurely on any order of the court. The account can be closed prematurely after 2 years and 6 months of depositing the money.
How to invest in this scheme
Let us tell you that to invest in Kisan Vikas Patra, you have to submit its correctly filled form in the post office or bank. KYC process is mandatory for this. You have to submit ID and address proof copy (PAN, Aadhaar, Voter ID, Driver’s License or Passport).
After this, once the paper is verified, you have to deposit the money. You can deposit the money by cash, check or demand draft.
After this you will get KVP certificate immediately. You have to keep it safe because at the time of maturity you have to deposit it.
