If you invest money for the future in the near future(Investment) Post Office Savings Schemes(Saving Schemes)Can in It will get good returns and the money invested will also be safe. Kisan Vikas Patra in Small Savings Scheme of Post Office (KVP)Is involved. Let’s get detailed information about this scheme in which a small amount can be invested. If the bank defaults, you will get back up to five lakh rupees. But not so at the post office. You can start investing in the post office with a small amount. The Post Office Small Savings Scheme also includes Kisan Vikas Patras.
Interest rate
The post office’s Kisan Vikas Patra scheme currently offers an interest rate of 6.9 per cent. The interest in this scheme is compounded on a yearly basis. These interest rates are applicable from 1st April 2020. The amount in the scheme is doubled in 124 months i.e. 10 years and 4 months.
The amount of investment
One has to invest at least Rs.1000 in Kisan Vikas Patra. However, there is no limit to the amount you can invest.
Who can open an account?
In the Kisan Vikas Patra scheme of Post Office, one can open an account with one mature person or with three mature persons. In addition, in this small savings scheme, instead of a minor or a mentally handicapped person, his guardian can also open an account. Under this scheme, minors above 10 years of age can open an account in their own name
Maturity
The amount invested in the Small Savings Scheme will mature at the maturity date fixed by the Ministry of Finance from time to time and the maturity date will be calculated from the time the amount is deposited.
If the scheme is to be discontinued before maturity
In Kisan Vikas Patra, the account can be closed before the maturity date in certain circumstances. In this scheme, in case of death of a single account holder, or in case of death of one or all the account holders in the joint account, the account can be closed. In addition, the account can be closed following a court order. The account can be closed in 2 years or even 6 months depending on the date of deposit.
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