In 115 months, this guaranteed income post office scheme turns Rs 1.2 lakh deposit into Rs 2.4 lakh

Post Office KVP Certificate Small Savings Scheme: Post Office Kisan Vikas Patra certificates - one of the all-popular small savings schemes backed by Government of India - double depositors' money in nine years and seven months (a total of 115 months), according to the India Post website, indiapost.gov.in. On Friday, the government announced no change in the interest rates applicable to small savings schemes including Kisan Vikas Patra. Currently, Kisan Vikas Patra - a deposit of cash investment plan - pays interest at the rate of 7.5 per cent per annum compounded annually. 

Post Office Kisan Vikas Patra | Here are some of the key things to know about this guaranteed-income investment scheme:

Post Office Kisan Vikas Patra | Investment limit

One can invest a lump sum amount in the KVP scheme subject to certain limits. The scheme allows a deposit of a minimum Rs 1,000 and in the multiples of Rs 100 thereof with no upper threshold. 

Post Office Kisan Vikas Patra | Who can open an account?

A Post Office Kisan Vikas Patra investment can be made by several types of individuals:

• Any single adult is eligible to open an account
• A joint account can be opened with up to three adults jointly holding the account
• A guardian has the authority to open an account on behalf of either a minor
• Minors above 10 years old can open an account in their own name

Post Office Kisan Vikas Patra | Can you close a KVP account before completing the maturity period?

• In case of the death of a single account holder 
• In case of the death of any or all joint account holders die
• When ordered by a court of law
• After two years and six months from the date of deposit 

Take a look at the Post Office Kisan Vikas Patra KVP application form

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