Post Office Scheme Update: The government guarantees to double the amount in this scheme of Post Office..

Post Office Scheme- Many types of schemes are run in the post office. One of these schemes is Kisan Vikas Patra (Kisan Vikas Patra- KVP). This scheme has guaranteed returns and any Indian citizen can invest in it and add huge funds through the scheme.

This scheme guarantees a doubling of money

You get a guarantee from the government to double your invested amount in Kisan Vikas Patra. That means, if you invest Rs 5 lakh in this scheme, it will become Rs 10 lakh and if you invest Rs 10 lakh, it will become Rs 20 lakh.

In how much time will the amount double?

If you invest in the Kisan Vikas Patra Scheme, the amount will double in 115 months (9 years, 7 months). If you deposit Rs 10 lakh in the scheme, it will become Rs 20 lakh. At present, interest in this scheme is 7.5%. Interest is calculated on an annual basis. 

Who can open an account?

Any adult person can open a single or joint account under this scheme. Apart from this, a child above 10 years of age can take Kisan Vikas Patra in his/her name. A guardian can open an account on behalf of a minor or a person of unsound mind. While opening an account, documents like an Aadhar card, age certificate, passport-size photograph, KVP application form, etc. may be required.

What documents are required while opening an account?

While opening an account, documents like an Aadhar card, age certificate, passport-size photograph, KVP application form, etc. may be required. NRI is not eligible for this scheme.

If you have to withdraw money before time…

Premature withdrawal can be done after 2 years and 6 months from the date of deposit in the KVP account. At the same time, pre-mature deposits can be made at any time under some special circumstances like - in the case of a KVP holder or joint account, in case of death of any one or all the account holders - in the case of Gazette Officer, in case of confiscation by the mortgagee - in case of court order on the order.

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