Kisan Vikas Patra is present in all the post offices and big banks of the country. Its maturity period is currently 124 months. The minimum investment in this is Rs 1000. There is no maximum investment limit. This plan has been made for special farmers, so that they can save their money for a long time.
How much interest will you get?
The interest rate for KVP in the first quarter of FY 2021 has been fixed at 6.9 percent. Here your investment will double in 124 months. If you invest Rs 5 lakh in lump sum, you will get Rs 10 lakh on maturity.
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Minimum investment of Rs.
You have to invest at least one thousand rupees in this scheme. At the same time, there is no limit on the maximum investment. You get this in the form of a certificate, in which certificates are given up to 1000, 2000, 5000, 10000 and 50000 rupees. In this, you get a guarantee from the government.
Who can open account
Certificate in KVP can be purchased by any single adult, maximum three adults in a joint account, minor above the age of 10 years. Apart from this, it can be purchased by an adult on behalf of a minor and a guardian on behalf of a weak minded person.
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How can I open an account?
For Kisan Vikas Patra Scheme, one has to go to the post office. The applicant should have identity proof such as Aadhar Card, PAN Card, Voter ID Card, Driving License and Passport. In this scheme, account can be opened in both single and joint mode. At the same time, parents can also get an account opened for their young child.