New Delhi: Post Office Schemes are considered a good option for investors who have low risk appetite but seek guaranteed returns.
A wisely chosen option is surely going to make us reap long term benefits. One such investment option from the wide array of Post office savings schemes is the Kisan Vikas Patra wherein your money doubles in 124 months or 10 years.
Maturity period and interest rates of Kisan Vikas Patra
Since April 01, 2020, investors are being given interest rates of 6.9 percent compounded annually. The amount you will invest in Kisan Vikas Patra doubles in 124 months (10 years and 4 months).
Account limit of Kisan Vikas Patra
While you need minimum of Rs 1,000 and in multiples of Rs 100 there is no maximum limit for investing in Kisan Vikas Patra.
Kisan Vikas Patra certificate can be purchased by the following:
(i) a single adult
(ii) Joint A Account (Maximum 3 adults)
(ii) Joint B Account (Maximum 3 adults)
(iv) Minor above 10 years of age
(i) An adult on behalf of a minor.
(ii) A guardian on behalf of a person of unsound mind
Kisan Vikas Patra is being issued in the shape of Passbook. It can be purchased from any Departmental Post office. The facility of nomination is also available. KVP Certificate can be transferred from one person to another and from one post office to another. Certificate can be encashed after 2 & 1/2 years from the date of issue.