The Post Office is giving an opportunity to double the money, invest 1000 rupees today get double returns

Post Office: Investing is a good habit because in bad times our accumulated capital is always useful for us. But the person remains entangled in this confusion, that he should invest, where his money is safe and returns will also be good. So, today we tell you about a similar scheme, where your money will also be safe as well as double return on maturity. This is the Kisan Vikas Patra (KVP) scheme of the Post Office. Let’s tell you everything about it.

Kisan Vikas Patra is a one-time investment scheme of the Government of India, where your money doubles in a given period. Kisan Vikas Patra is present in all post offices and big banks of the country. Its maturity period is still 124 months. The minimum investment in this is 1000 rupees. There is no maximum investment limit. This plan has been made for specific farmers, so that they can save their money for a long time.

Who can invest?

It is important to be at least 18 years of age to invest in Kisan Vikas Patra (KVP). In addition to the single account, there is also the facility of a joint account. At the same time, this scheme is also available for minors, which the guardian has to supervise. This scheme is also applicable to trusts except for Hindu undivided family ie HUF or NRI. To invest in Kisan Vikas Patra (KVP), there are certificates up to Rs 1000, Rs 5000, Rs 10,000, and up to Rs 50,000, which can be purchased.

Also, Read This: The deadline for filing TDS extended till June 30, 2021, Form-16 can also be issued till July 15

Rate of interest

The interest rate for KVP has been fixed at 6.9 percent in the first quarter of FY 2021. Yes, your investment will double in 124 months. If you invest 1 lakh rupees outright, then you will get 2 lakh rupees on maturity. 124 months is the maturity period of this scheme. This scheme is not covered under the Income Tax Act 80C. So whatever returns will come will be taxed. TDS is not deducted in this scheme.

There is also a facility to transfer the acoount

The Kisan Vikas Patra can be redeemed after two and a half years from the date of issue. KVP can also be transferred from one post office to another post office. Kisan Vikas Patra can be transferred from one person to another. The nomination facility is available in KVP. The Kisan Vikas Patra is issued in the shape of a passbook.

These documents are needed

To apply to this scheme, you need Aadhar Card, PAN Card, Voter ID Card, Driving License, Passport, KVP Application Form, Address Proof, and Birth Certificate.