Want to double money with guarantee of assured return from government, this scheme is your answer| All you need to know
If you are also one of those planning to invest money in safe instrument, you should check out this scheme that comes with government’s assurance of doubling your money.
If you are also one of those planning to invest money in safe instrument, you should check out this scheme that comes with government’s assurance of doubling your money. You will get twice the money of your investment after a specified period. This will be kind of a combo scheme, which assures you of good return coupled with safety.
Best scheme for safe investment
If you are mulling a safe and zero-risk investment, Post office saving account could be the solution of your problem. Post office’s ‘Kisan Vikas Patra’ (KVP) could be your answer if you are planning to invest for long-term.
What is Kisan Vikas Patra?
Kisan Vikas Patra could be also called as One-time Investment scheme of the government of India. This scheme ensures that your money is doubled in a fixed time frame. This scheme was launched in 1988 with an aim to double farmers’ investment. However, now this scheme is open for everyone, anybody could now invest in this scheme and that too with the government’s guarantee.
Kisan Vikas Patra Interest Rate
As per information, one could start investment in this scheme with as less as Rs 1,000, with no cap on upper limit for investment. You get 6.9 percent annual compounded interest on your investment under Kisan Vikas Patra scheme.
Mode of investment is certificate
This is invested in the form of certificate. This offers certificates of Rs 1,000, Rs 5,000 and Rs 50,000 certificates, which could be bought as your investment. All post office schemes come packed with government guarantee. This takes away your fear of risk as well. This is the reason KVP is considered a safe investment instrument with good return.
Facility of loan
This does not guarantee relief under 80C of the Income Tax. Return generated from this investment is totally taxable. However, KVP could be used as collateral or as security for taking loan.
Maturity Period of KVP Scheme
Maturity period of this government scheme is 10 years and 4 months or 124 months in total. All major post offices across the country provides facility to invest in Kisan Vikas Patra.
KVP Scheme Lock-in period
This scheme comes with a lock-in period of 30 months. You cannot withdraw any amount before 30 months of the first certificate. However, you can withdraw it after 30 months or on maturity after 124 months.
Market fluctuations do not affect this scheme
You get assured return on Kisan Vikas Patra. Best thing about this instruent of investment is that it is not affected by fluctuations in the stock market. This is one of the safest investment schemes, in which you get full amount on your investment
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