The Kisan Vikas Patra Scheme of the Post Office is better in terms of security. It gives good returns. You can open it single or joint in any form.
post office scheme
Kisan Vikas Patra is a one time investment scheme of the Government of India, where your money is doubled in a fixed period. There is no fear of risk in this scheme operated by the post office. In this your money is kept safe. In this account can be opened with just Rs 1000. This is a great scheme for long term investment. In this money can be doubled in 124 months. So the more you invest, the better will be the return.
The duration of this scheme is 124 months i.e. 10 years 4 months. In this, you get an annual compound interest of 6.9%. Investment is made in the form of certificate in Kisan Vikas Patra (KVP). So you can buy certificates up to Rs 1000, Rs 5000, Rs 10,000 and up to Rs 50,000.
Highlights of the scheme
1. There is no maximum investment limit in Kisan Vikas Patra Scheme. However, if you invest more than Rs 50,000, then it will be mandatory to give PAN card on it.
2. Apart from this, income proof will also have to be shown on investment of 10 lakhs or more, such as- ITR, salary slip and bank statement etc.
You can invest in many ways under this scheme. If you take a single holder type certificate, then it is bought for yourself or for a minor.
3.Joint A Account Certificate is issued jointly to two adults. Whereas Joint B certificate is issued jointly to two adults. But only one can get the payment in it.
4. Its lock-in period is 30 months. Before this, you cannot withdraw money from the scheme, unless the account holder dies or there is a court order.
5. You can also take loan on Kisan Vikas Patra Scheme.
how to open account
Kisan Vikas Patra can be taken from any post office. For this, the applicant must have Identity Proof, Aadhar Card, PAN Card, Voter ID Card, Driving License, Passport, KVP Application Form and Address Proof. Also he must be at least 18 years of age. These accounts can be opened both singly and jointly. Parents will have to manage the account if you want to open it in your child’s name.
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