Kisan Vikas Patra (KVP) is one of the best short savings schemes of the post office. Currently, this compound provides an interest rate of 7.5% per year. Kisan Vikas Patra (KVP) is one of the best short savings schemes of the post office. Currently, this compound provides an interest rate of 7.5% per year. In this scheme, you have to invest once and in a certain time your investment doubles. The Kisan Vikas Patra will take 115 months or 9 years and seven months to double your money at existing interest rates.
KVP is a risk -free investment option offered by India Post Office, which is the first choice of many people in the country. This is a good option for people looking for long -term investment. In this scheme, you can invest in a minimum of Rs 1000 and 100 multiplies. There is no maximum limit of investment under the scheme.
This doubles the lump sum investment in about 9 years and 7 months. For example, a farmer development letter of ₹ 50,000 will give you ₹ 100,000 after maturity.
A single adult person or a maximum of three persons can open a farmer development letter account by creating a joint account. Parents can also open an account on behalf of the minor. Any minor over 10 years of age can open a KVP account in his name.
Subject to certain conditions, KVP can be closed any time prematurely before maturity. KVP is not eligible for deduction under Section 80C of Income Tax. The farmer is eligible for returns on investment in development letter. Under this scheme, documents like Aadhaar card, age certificate, passport size photo, KVP application form are required to open an account.
