This government scheme gives you double benefit on maturity: Know key points, minimum invest limit

New Delhi: As we are soon entering 2021, you will have several plans on investment and savings. If you chose your options wisely, you are surely going to reap long term benefits.

Those with long term goals and believer of investments in traditional instruments have many lucrative government schemes to choose from. One such traditional investment option is Post office savings schemes.

These schemes are evergreen and a great option for those for those who want to earn big in the traditional investment ways. Since the Post office scheme are government backed, they are beneficial to those investors who have zero risk appetite but want guaranteed return on their investment.

Kisan Vikas Patra (KVP) is a Post Office Saving Scheme that gives you double the amount of your investment upon maturity.

Maturity period and interest rates of Kisan Vikas Patra

Since April 01, investors are being given interest rates of 6.9 percent compounded annually. The amount you will invest in Kisan Vikas Patra doubles in 124 months (10 years and 4​​​ months).

Account limit of Kisan Vikas Patra

While you need minimum of Rs 1,000 and in multiples of Rs 100 there is no maximum limit for investing in Kisan Vikas Patra.

Kisan Vikas Patra certificate can be purchased by the following:

(i) a single adult

(ii) Joint A Account (Maximum 3 adults)

(ii) Joint B Account (Maximum 3 adults)

(iv) Minor above 10 years of age

(i) An adult on behalf of a minor.

(ii) A guardian on behalf of a person of unsound mind

Kisan Vikas Patra is being issued in the shape of Passbook. It can be purchased from any Departmental Post office. The facility of nomination is also available. KVP Certificate can be transferred from one person to another and from one post office to another. Certificate can be encashed after 2 & 1/2 years from the date of issue.