KVP Scheme: Great scheme to double money, government’s guarantee, amount will double in so many months

Kisan Vikas Patra is a fixed income scheme which is run by the Central Government. In this, you invest money for a fixed period and after the completion of the time, you get back your amount doubled. This scheme is managed through the post office.

In how many months will the money double?
The current interest rate is 7.5% per annum (interest compounded annually). According to this rate, your money will double in 115 months i.e. about 9 years and 7 months. For example, if you invest Rs 1 lakh in KVP scheme, then after 9 years and 7 months it will become Rs 2 lakh.

How much can I invest?

• Minimum investment: Rs 1,000
• Maximum Limit: No limit
• Investment can be made in single or joint account.
• Parents can also open an account in the name of a minor child.

What are the other benefits?

• 100% Government Guarantee: Money is completely safe.
• Loan facility: Loan can also be taken from the bank against KVP.
• Transfer Facility: Account can be transferred to any post office.
• Nomination facility: Anyone can be made a nominee.

Withdrawal Rules
Although this is a long term scheme, money can be withdrawn after completion of two and a half years (2 years 6 months) with certain conditions. Keep in mind that the interest received on KVP is taxable, that is, tax has to be paid on it as per income tax rules. Therefore, before investing, definitely check your tax planning.

Overall, Kisan Vikas Patra is a good option for those who want guaranteed returns while staying away from risk. Just invest once and get double your money in the next 115 months with government guarantee.