If you are one of those investors who want to go with a safe investment option, then you can consider a special scheme of the government, Kisan Vikas Patra (KVP). This is because this scheme is directly supported by the Government of India. This account can be opened in post office or bank. The special thing is that in this scheme you get complete freedom of investment and also get better returns. Your money can also be doubled in this saving scheme. In this, you can open as many Kisan Vikas Patra accounts as you wish. Come, let us discuss the things related to this saving scheme.
Who can invest
According to the official website of India Post, any adult person can invest in it. Also, three adults can invest in it by opening a joint account. Apart from this, a guardian can also invest on behalf of a minor or a mentally unsound person and if there is a minor above 10 years of age, then he can also start investing in this scheme in his own name.
investment and interest rates
You can open as many accounts as you want in Kisan Vikas Patra. There is no limit on investment in this. Yes, investment can be started with a minimum of Rs 1000 and you can deposit unlimited money in multiples of 100. The interest rate on this scheme is decided by the Government of India. At present, 7.5 percent annual interest is being offered on the amount deposited in Kisan Vikas Patra. Please note that the deposit amount will mature on the maturity period prescribed by the Ministry of Finance from time to time, which will be applicable on the date of deposit.
Account can also be transferred from one person to another
According to the official website of India Post, in certain circumstances the account can also be transferred from one person to another. For example, KVP account can be transferred to the nominee or legal heirs on the death of the account holder, to joint holders on the death of the account holder, on a specific order of the court or on pledge of the account to a specific authority.
