Post Office: Money will double in this scheme, make 2 lakh rupees from 1 lakh..

If you also want safe and good returns in the long term, then post office schemes can be a better option for you. On many post office schemes, investors are getting more interest than the fixed deposits (FD) of banks. Public Provident Fund (PPF), Sukanya Samriddhi Yojana, and Senior Citizen Savings Scheme (SCSS) are some such popular schemes, in which the benefit of 8% or more interest is available. Similarly, there is another popular scheme of post office. Kisan Vikas Patra (KVP). In this, investors get 7.50% compound interest annually.

Why is Kisan Vikas Patra special?

Kisan Vikas Patra is considered to be one of the most trusted schemes of the post office. In this, the money is completely safe and its return is also fixed. Any citizen above 18 years of age can open an account in this scheme. If you want, 3 people can also take a joint account together. You can start with just Rs 1,000, and there is no maximum investment limit.

Another feature of this scheme is that even a child above 10 years of age can invest in it. Its maturity period is about 10 years, but if needed, you can make a premature withdrawal only after 2 years and 6 months. Nominee facility is also available, so that your family can also get the benefit of your investment.

If you invest Rs 1 lakh in Kisan Vikas Patra, then on maturity this amount will become about Rs 2 lakh. Similarly, by investing Rs 5 lakh, you can get about Rs 10 lakh.

Will there be tax exemption in this?

Kisan Vikas Patra comes under the purview of Income Tax Act, 1961, so tax exemption can be available under Section 80C. If you invest more than Rs 50,000, then you will have to give PAN card details. The special thing is that you can also take a loan by mortgaging this scheme.

How to buy Kisan Vikas Patra?

First of all, go to the nearest post office or a government bank branch.

Take the Kisan Vikas Patra application form from there and fill in the correct information.

Submit the form by attaching a passport-size photo, signature, or thumb impression and photocopies of the required documents. For more information, you can also call the helpline number 1800 266 6868.

Some banks like ICICI Bank, HDFC Bank, and IDBI Bank also provide the facility of opening KVP account online.

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