KVP Scheme: Kisan Vikas Patra Yojana is a risk-free investment option offered by the Indian Post Office, which is considered as a preferred option. It allows investors to double their money in 120 months, making it a good option for those looking for long-term investments.
The government regularly reviews the interest rates of all post office schemes and in December 2022 the interest rates of many small savings schemes including Kisan Vikas Patra were increased. Customers can now earn up to 1.10 per cent higher interest and their money will double three months earlier than before.
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How much to invest
The Kisan Vikas Patra scheme offers an interest rate of 7.20 per cent, up from 7.00 per cent earlier, with effect from January 1, 2023, allowing investors to double their money in just 10 years. One can start investing with just Rs 1,000, and there is no maximum investment limit, making it accessible to people from all walks of life.
The scheme allows for both single and joint accounts and investors can choose a nominee to claim the money in case of death of the account holder before maturity.
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Kisan Vikas Patra account is easy to open and anyone above the age of 10 years can do so with a guardian to operate it. To open an account one has to visit the nearest post office, fill the account opening form and deposit the application amount. After the account is opened, the investors will get the certificate of Kisan Vikas Patra.
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