Kisan Vikas Patra: People are always looking for such schemes which will help them to double their money in future. Several schemes have been prepared by the Post Office for this purpose.
Post office schemes are offered by the government, which ensure safe and guaranteed returns on investment. One of the schemes that can give you good returns is called the Kisan Vikas Patra scheme. This scheme was started by India Post in 1988.
According to the official website, the objective behind this scheme is to maintain the financial condition of the people during the long run. On April 1 this year, the government had increased the interest rate on this scheme.
According to the new update, now the return on this scheme will be available at the rate of 7.5 percent per annum. In such a situation, the duration of this scheme will now be 115 months or 9 years 7 months. Initially, it used to take 120 months to double the money in this scheme. If someone invests Rs 4 lakh then he will get Rs 8 lakh back in 115 months.
Can start with Rs 1000
The minimum investment that can be opted for in this scheme is Rs 1000 and there is no limit on the maximum amount. If you choose to invest the lump sum amount, you will get double of it by the end of 115 months.
The government has made PAN card proof mandatory for anyone investing Rs 50,000 or more to prevent money laundering cases. For investments of Rs 10 lakh and above, you need to submit income proofs such as salary slips, bank statements and ITR documents.
Firstly this scheme was started for the farmers but now it is open for all. It is available in all banks and post offices in the country. The eligibility to opt for this scheme is that the applicant must be an Indian citizen, must be above 18 years of age. Hindu Undivided Family (HUF) and NRI are not eligible for this scheme.
