Post Office Savings Scheme
Everyone wants his money to be safe and he should also get good profits. If you are also looking for such a scheme, where your money is not only safe but also doubles after some time, then a special scheme of post office is for you. Yes, we are talking about the Kisan Vikas Patra (KVP), which is a savings scheme run by the government, in which your money can be doubled in the scheduled time. Come, let us know in detail about this scheme how it works, how much returns are available in it and how you can start investing in it.
What is the farmer development letter scheme?
The Kisan Vikas Patra (KVP) is one such government scheme of the post office, which gives investors the assurance of doubling their money. If you invest money in this scheme today, then your investment will double in 115 months i.e. about 9 and a half years. The special thing is that you do not need much money to start investing in it. You can start investing in this scheme with just 1000 rupees. And yes, there is no limit for maximum investment in this scheme, that is, you can invest as much money as you want.
How much interest is available?
In the Kisan Vikas Patra scheme, you get an interest rate of 7.50 percent, which is given on an annual basis. The maturity period of this scheme is 115 months. That is, if you invest money in it, then after 9 and a half years your money will double and return to you. For example, if you invest 1 lakh rupees, then after maturity you will get 2 lakh rupees. In the same way, if you invest 5 lakh rupees, then you will get 10 lakh rupees on maturity. This scheme is special for those who want safe investment for a long time.
There is also special facility for children
Another specialty of this scheme is that you can also invest for your children. If the age of your child is more than 10 years, then you can open a farmer development letter account in their name. This can be a great way for the future of children. The money is completely safe in this scheme, because it comes with the guarantee of the government.
Why is this scheme special?
The biggest feature of the farmer development letter scheme is its simplicity and security. There is neither risk nor complex process. You can easily start investing in this scheme by going to your nearest post office. Also, it has flexibility about the amount of investment, which makes it attractive to every class. Whether you start with small amount or invest a large amount, this scheme is perfect for you.
How to start investing?
It is very easy to start investing in the farmer development letter. You just have to go to your nearest post office. There you have to submit some important documents like Aadhaar card, PAN card and address proof. After this, you can invest as much amount as you want from Rs 1000. After investment, you will get a certificate, which will be proof of your investment. After maturity, you can easily withdraw your money.
For whom is this scheme?
This scheme is for every person who wants good returns in a long time while keeping his money safe. Especially for those who want to avoid risky investment like stock market or mutual funds. Also, it is also the best for those parents who want to start savings for the future of their children from now.