Double benefits guaranteed by government. Get your money doubled in these many months
Double benefits guaranteed by government. Get your money doubled in these many months
Hello Friends, I am very thankful to you for the love you give to my blog. I will continue to bring you these kind of topics always where you will get benefits always.
Today I have brought you a plan or scheme which makes your money double. Like if you invest 10000 rupees then it becomes 20000 rupees. Similarly if you invest 100000 then it becomes 200000 and if you invest 10 lakhs then it becomes 20 lakhs.
Hope you understood me what I am talking about.
This scheme is backed by government and it is available throughout India. This scheme is available in Post office. Yes, you heard it right.
Many times people in cities and towns ignore post office but let me tell you that there are various plans available in post office which you will stay shocked and will be tempted to invest.
More Details about the Scheme :
The scheme I was talking about is: Kisan Vikas Patra (KVP). This is a savings scheme that has been introduced by Indian Post Office and available since 1988. Like I said earlier, this scheme is known for its ability to double your money in a specified period of time. The KVP scheme is backed by the Government of India, which means it is a secure investment option for those who are looking for a low-risk investment.
Interest and Tenure Period :
It has the ability to double your invested amount in just 115 months (9 years & 7 months). From 01.04.2023, the revised interest rates is 7.5 % compounded annually. This means that the interest rate doest not stay fixed. This always changes, but when you buy KVP, what was the interest rate available that time would be used till maturity.
This means that if you invest Rs. 1,0000 in KVP today, it will be worth Rs. 2,0000 after 09 years and 7 months.
Salient Features and Process :
The process of investing in KVP is very very straightforward. You can walk in to any post office in India and fill out the KVP application form. You will need to provide your name, address, and other basic details. You can then make the payment for your investment, and you will be issued a KVP certificate.
The KVP certificate is an important document that you should keep safely. The certificate contains details such as the name of the investor, the amount invested, the date of investment, and the maturity date. You can use the certificate to claim your investment and the interest earned after the maturity period.
(A) Who can buy KVP certificate?
(i) If you're a single adult
(ii) If you're having a Joint Account (up to 3 adults)
(iii) If you are a guardian on behalf of minor or on behalf of person of unsound mind
(iv) If you are a minor above 10 years in his own name.
(B) How much deposit can be made?
(i) Minimum Rs. 1000 and in multiple of Rs. 100 , and there is no maximum limit. If you have money, you can put in lakhs to crore in this plan to make it double safely.
(ii) Any number of accounts can be opened under the scheme. Meaning, you now have 1 lakh rupees, you invested in this and after a year you have extra amount as 50000 rupees, then you can buy another KVP certificate.
(C) What is the Maturity period?
The deposit shall mature on the maturity period prescribed by the Ministry of Finance from time to time as applicable on the date of deposit. This would be mentioned in your KVP certificate. As on today, if I buy it, it will mature after 9 years 7 months.
(D) Premature closure Procedure :
- KVP may be prematurely closed any time before maturity subject to the following conditions : -
(i) On the death of a single account, or any or all the account holders in a joint account
(ii) On forfeiture by a pledgee being a Gazette officer.
(iii) When order by court.
(iv) After 2 years and 6 months from the date of deposit.
(f) Transfer of account from one person to another person.
- KVP may be transferred from one person to another person on the following conditions only.
(i) On the death of account holder to nominee/legal heirs.
(ii) On the death of account holder to joint holder(s).
(ii) On order by the court.
(iii) On pledging of account to the specified authority.
Hope I was able to provide all the information you wanted to know and the investment in KVP.
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