Small savings scheme: Kisan Vikas Patra can double your income in 10 years

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The small savings scheme which is known as Kisan Vikas Patra (KVP) is a scheme offered by the Post Office. Annually, it offers an interest rate of 6.9 percent. At the current rate, KVP will take 124 months or 10 years and four months to double your money.

At a minimum amount of Rs 1,000, the KVP account can be opened and thereafter in multiples of Rs 100. There is no maximum limit.

Kisan Vikas Patra - All you need to know:

-Single adults can open a Kisan Vikas Patra (KVP) account. Three adults can open a joint account. An account can be opened by the guardian on behalf of a minor or on behalf of a person with a differently-abled mind. Above 10 year old minors can get his KVP account in his own name.

-Under this scheme, any number of accounts can be opened.

-Subject to the below conditions, KVP account can be prematurely closed any time before maturity:

a) If there is death of a person with a single account, or all the account holders in a joint account.

b) On forfeiture by a pledgee being a Gazette officer

c) If court orders

d) From the date of deposit, after 2 years and 6 months

-In the following conditions, KVP may be transferred from one person to another person:

a) If the death of the account-holder then account will be transferred to his/her nominee/legal heirs.

b) If the death of the account holder then it will be transferred to the joint holder(s).

c) If court orders.

d) On pledging of account to the specified authority.

-Any Departmental Post office can sell Kisan Vikas Patra (KVP) schemes.