Kisan Vikas Patra Post Office Scheme Doubles The Investment In Long Term: Check Benefits

The Indian post office offers the Kisan Vikas Patra government scheme is popular among investors for its unique quality of doubling the initial investment amount.

About the Kisan Vikas Patra (KVP) Scheme: Interest rate and features

The Kisan Vikas Patra government scheme available in the Post Office is a one-time investment opportunity. Within a period of approximately 10 years and 4 months (124 months), the scheme will be matured. As the scheme says, it will double the investment amount, that means, if you are investing Rs. 1 lakh in this plan, you will receive Rs. 2 lakhs after the maturity period. Additionally, this is an assured investment instrument.

The interest rate offered by the KVP scheme is 6.9%, compounded annually. The minimum investment amount under this scheme is Rs. 1000, and in multiples of Rs. 100. There is no maximum limit for the same.

Eligibility

Any single adult can open a Kisan Vikas Patra scheme, and a joint account can be opened among upto 3 adults. Additionally, a guardian can open a KVP account on behalf of a minor or on behalf of a person of unsound mind, and a minor above 10 years can open an account in his/her own name. As an investor, you can open any number of accounts under the scheme.

A KVP account may be pledged or transferred as security, by submitting the prescribed application form at the concerned Post Office, as the Post Office scheme document informs.

Premature closure

However, a KVP account can be prematurely closed any time before maturity, in some specific cases, as stated by the Post Office. On the death of a single account, or any or all the account holders in a joint account, after 2 years and 6 months from the date of deposit, and in case of transfer of account from one person to another person, you can prematurely close the account.