Post Office / Money will be doubled in this scheme, make 2 lakh rupees from 1 lakh

Post Office: If you are looking for a safe and good return option for your investment, then post office savings schemes can be a great option for you. These schemes not only keep your money safe but also provide many times more interest than the fixed deposits (FD) of banks. Public Provident Fund (PPF), Sukanya Samriddhi Yojana, and Senior Citizen Savings Scheme (SCSS) are some of the popular schemes that offer interest rates of 8% or more. Apart from these, another very reliable and attractive scheme is Kisan Vikas Patra (KVP), in which investors get a compound interest rate of 7.50%. Let us know about this scheme in detail.

Kisan Vikas Patra: A Trusted Investment Option

Kisan Vikas Patra (KVP) is one of the most reliable and popular schemes of the post office. Some of its special features make it attractive for investors:

Safety and assured returns: The money invested in KVP is completely safe, as it is backed by the Government of India. Also, it comes with guaranteed returns that are free from market risks.

Minimum investment and flexibility: You can start investing with just Rs 1,000, and there is no maximum investment limit. The scheme is suitable for both small and large investors.

Eligibility: Any Indian citizen above the age of 18 can invest in KVP. Apart from this, three people can also open a joint account. Notably, for children above the age of 10, their guardians can also invest in this scheme.

Maturity and premature withdrawal: The maturity period of KVP is around 10 years, but in case of emergency, premature withdrawal facility is also available after 2 years 6 months.

Nominee facility: There is an option to appoint a nominee in this scheme, so that your family can get the benefit of your investment.

Return example

With a compound interest rate of 7.50% in KVP, your investment can double in the long term. For example:

If you invest Rs 1 lakh, the amount will grow to around Rs 2 lakh on maturity.

Similarly, an investment of Rs 5 lakh can reach around Rs 10 lakh on maturity.

Tax benefits and other facilities

Kisan Vikas Patra comes under the Income Tax Act, 1961, due to which it can get the benefit of tax exemption under section 80C. However, some conditions apply:

If you invest more than Rs 50,000, then it is mandatory to provide PAN card details.

You can also get a loan from a bank or financial institution by pledging KVP, which makes it even more attractive.

How to buy Kisan Vikas Patra?

It is very easy to start investing in KVP. Follow the following steps:

Go to your nearest post office or a branch of a government bank.

Get the KVP application form and fill all the required information correctly in it.

Attach a passport size photograph, signature (or thumb impression), and photocopies of required documents (such as Aadhaar card, PAN card, etc.) with the form.

Submit the form and pay the investment amount.

For more information, you can call the post office helpline 1800 266 6868.

Some private banks such as ICICI Bank, HDFC Bank, and IDBI Bank also offer the facility of opening KVP account online. You can apply through the website or mobile app of these banks.

Why choose Kisan Vikas Patra?

• Security: Being backed by the government, your money is completely safe.
• Attractive returns: The compound interest rate of 7.50% is better than many other investment options in the market.
• Flexibility: Starting with a low investment, premature withdrawal, and loan facility make it suitable for every type of investor.
• Tax benefits: Tax exemption benefits under section 80C.