About the Kisan Vikas Patra Scheme

The Kisan Vikas Patra (KVP) scheme is a government investment program that helps double your money with a low-risk investment. This scheme, also known as the Double Income Scheme, offers guaranteed returns and is open to both farmers and general citizens. To invest in this scheme, you need to be at least 18 years old.

How Long to Double Your Money

With the KVP scheme, the minimum investment amount is ₹1000, and there is no maximum limit. As of April 2023, the interest rate has increased from 7.2% to 7.5%. This means your investment will double in 115 months, which is about 9 years and 7 months. Previously, it took 120 months to double your money.

Types of Accounts

You can open a KVP account as either a single account holder or a joint account holder. Up to three people can open a joint account under this scheme. It’s mandatory to add a nominee to the account. You can also close the account after 2 years and 6 months if needed.

How to Open a KVP Account

1. Visit a Post Office: Go to any nearby post office to fill out the account opening form.
2. Online Form: You can also download the form online.
3. Fill Out the Form: Include your name, date of birth, nominee details, and the amount you want to invest. Specify if it is a single or joint account.
4. Payment: You can pay via check or cash. If paying by check, write the check number on the form.

Documents Required

• Aadhar Card
• PAN Card
• Voter ID Card
• Driving License
• Passport
• KVP Application Form
• Address Proof
• Date of Birth Certificate

Tax Benefits

Investing in KVP does not provide tax benefits under Section 80C of the Income Tax Act, 1961. You will need to pay tax on the profit earned from this investment.

Summary

The Kisan Vikas Patra scheme is a safe and reliable way to double your money over a period of about 9 years and 7 months. You can open an account at any post office with the required documents and enjoy guaranteed returns on your investment.