Post Office: Account can be opened at any post office
Post Office: Investing in the stock market is not something that everyone finds trustworthy. So for all such Kisan Vikas Patra is a good option. This is considered to be a very good saving scheme of Post Office. What is special is that the amount invested in Kisan Vikas Patra doubles in 115 months.
Any adult can open an individual or joint account under Kisan Vikas Patra Yojana. Apart from this children above 10 years of age can also open Kisan Vikas Patra account in their own name. A guardian of a minor or mentally unstable person can open an account.
A minimum of 1000 and multiples of 100 can be invested in Kisan Vikas Patra Yojana. You can invest as much money as you want in Kisan Vikas Patra and there is no limit for opening accounts.
Kisan Vikas Patra account pays 7.5% interest per annum. Investing in this will double your amount in 115 months. This means if you invest Rs 1 lakh, you will get Rs 2 lakh after 115 months. So, if you deposit Rs 10 lakh in Kisan Vikas Patra account, it becomes Rs 20 lakh.
Benefits of Kisan Vikas Patra account are as follows
• Kisan Vikas Patra Yojana is not affected by fluctuations in the stock market.
• The PO scheme has a government guarantee, so you don’t have to worry about whether you will get the refund or not.
• Kisan Vikas Patra account can be opened in any post office.
• Kisan Vikas Patra account matures in 115 months but you will continue to earn interest till you withdraw money from the account.
• You can take secured loan through Kisan Vikas Patra.
• While opening a Kisan Vikas Patra account, documents such as Aadhaar Card, Age Certificate, Passport Size Photo, KVP Application Form etc. are required.
• You can also transfer your Kisan Vikas Patra account.