Post Office – Making long term investments is a good option, it gives good returns on the amount invested. In this connection, today in this news we are going to tell you about a scheme in which you can get a return of up to ten lakh rupees on an investment of five lakhs-
KVP Post Office Scheme is a good option for long term investment, it gives good returns on the amount invested. Kisan Vikas Patra (KVP) is a good option, in which you can double the amount.
This is a post office scheme, for which an account has to be opened in the post office. Its main advantage is that there is no risk on the interest rate, it keeps your savings safe.
Who can open an account-
This scheme was started in 1988. Initially this scheme was only for farmers, but now any Indian citizen can open an account in this scheme. Single or joint account can be opened under this scheme. If the age of a child is between 10 years to 18 years, then an account can also be opened in KVP scheme in his name. However, the responsibility of handling the account of such children lies with the parents. On completion of 18 years of age, that person can handle the account himself.
What is the benefit of this account-
- Currently, this scheme is paying interest at the rate of 7.5 percent. However, this interest is calculated every three months. In such a situation, it can change. The current interest rate will remain till September. If there is any change, it will happen from October.
- On investing in this scheme, you get return according to fixed interest. In such a situation, the fluctuations of the market do not make any difference to it. That is, we can say that investing in it is risk free.
- In this, you can start investing from one thousand rupees. There is no maximum investment limit. However, it is necessary to provide PAN card for investing more than 50 thousand rupees. On investing more than 10 lakh rupees, salary slip, ITR, bank statement etc. may have to be given.
How to get 10 lakh rupees instead of 5 lakh?
Investing 5 lakh rupees in this scheme will double the amount, i.e. it will become 10 lakh rupees. Its maturity period is 9 years 7 months, i.e. 115 months. The lock-in period is 30 months, which means you cannot withdraw the amount until 30 months are completed.
After this you can withdraw this amount. After 30 months, whenever you withdraw the amount, you will get the amount after adding interest for that period. There is no benefit of Income Tax Section 80C on investment in this scheme.
