Earning money is tough, but saving and growing that money is often even more challenging. No matter how hard one works to save money, choosing the right place to invest is just as crucial. Many people find themselves confused about where to put their money to get the best returns. (News18 Tamil)
Investing in the stock market carries high risk. Gold, on the other hand, raises concerns about price fluctuations. And keeping your money in the bank often gives low interest that doesn’t beat inflation. That’s why there’s a government-backed option that promises to double your money without any risk: the Kisan Vikas Patra (KVP) scheme offered by India Post. (News18 Tamil)
Despite the name, Kisan Vikas Patra isn’t limited to farmers. Any Indian citizen can invest in it. It’s a savings scheme run by the post office and fully backed by the central government, ensuring complete safety of your investment. (News18 Tamil)
The amount you invest doubles over a fixed period. At present, the investment doubles in 9 years and 7 months, at an interest rate of 7.5% per annum, compounded annually, which means your money grows faster over time. (News18 Tamil)
Any Indian citizen aged 18 or above can invest in KVP. Parents can also open accounts in their child’s name, and joint accounts with up to three individuals are allowed. (News18 Tamil)
To invest money in the KVP scheme, one needs to visit the nearest post office, fill in the KVP form, and submit KYC documents (such as Aadhaar and PAN card). Once the amount is deposited, a Kisan Vikas Patra certificate is issued as proof of investment. (News18 Tamil)
One can start with as little as Rs 1,000, and there’s no maximum limit. You can invest any amount of your choice and open multiple accounts as needed. (News18 Tamil)
One can also nominate someone in advance to receive the funds after their time. Loans can be availed from banks using the KVP certificate as collateral. The certificate is transferable, both between individuals and post offices. Although the scheme matures in 115 months, funds can be withdrawn after 2 years and 6 months, subject to certain conditions. (News18 Tamil)
