Post office KVP: Money invested in this account doubles in a period of 112 months.Post offices across the country provide a host of saving schemes with different rates of interest.
Kisan Vikas Patra (KVP), one such product offered by post offices, at present grantan interest rate of 7.7 per cent.
Post office KVP certificates can be purchased by an adult for self or on behalf of a minor by an adult, or by two adult.
This means that the investment can be made singly or jointly.
KVP certificates, which supports nomination facility, can be purchased from any departmental post office, according to India Post's official website - indiapost.gov.in.( How To Open Post Office Public Provident Fund Account)Minimum contribution required/maximum allowedKisan Vikas Patra account can be opened in a post office against a minimum of Rs 1,000.
The investor can pick any amount in multiples of Rs1,000 to invest in Kisan Vikas Patra, according to the India Post.
There is upper limit on the amount that can be invested in a Kisan Vikas Patra (KVP) account.Interest ratesThe annual return of 7.7 per cent on the KVP small savings scheme is applicable for the quarter ending March31, 2019, according to India Post's website.
Investment in the Kisan Vikas Patra (KVP) scheme Interest on money deposited in the KVP account is compounded on an annual basis.( All You Need To Know About Post Office RD Account)Maturity periodMoney invested in Post office KVP account doubles in a period of 112 months (nine years and four months).Transfer of certificatesPost office Kisan Vikas Patra (KVP) certificates can be transferred from one person to another and from one post office to another.Encashment of KVPThe Kisan Vikas Patra scheme has a minimum lock-in period of two-and-a-half years, which means the invested amount can be liquidated after this period.