Post Office Scheme to Double the Money in 2023

Yes, KVP (Kishan Vikas Patra) is known as a post office scheme to double the money. 

Do you want to double your money? If yes, then you can easily double your valuable money from the post office KVP scheme. 

 

There is no doubt to say that the Kishan Vikas Patra Post office scheme is the best scheme to double the money right now in 2023

We know that the India Post Office department is working under the Government of India. So that your money is totally safe. You have to invest in KVP. 

Now the question comes what is KVP? Why KVP is known as a post office scheme to double the money in 2023.

Don't worry, today I am going to tell you all the answers to the above questions with examples.

All post office savings schemes give us a high-interest rate nowadays So our money will double in the post office scheme to double the money.

Mutual funds and stock markets also give us high returns but these are also totally risky. Hence a number of people are afraid of investing money into mutual funds and Stocks. 

Other than some of the government bonds and these post office schemes are totally safe and risk-free. Similarly, Post office KVP scheme (The best Scheme to double the money) is totally safe and secure because all post offices are working under the Government of India.

Which Post Office Scheme doubles the money

As per India Post's official website, Kisan Vikas Patra (KVP) post office scheme is the best scheme for double money in 2023. 

In this scheme postal department produces certificates for invested money and after 124 months (10 years & 4 months) your invested money will be automatically doubled in amount. 

If you still do not believe then you must check India Post Official Website page link where is clearly mentioned that amount invested in KVP doubles in 124 months (10 years & 04 months).

How Kishan Vikas Patra scheme doubles money

Kisan Vikas Patra, short name KVP is a type of post office small savings scheme. 

It makes money double the invested money after a period of 124 months. 

If you will invest money into this scheme then the post office will produce a certificate. You have to keep this KVP certificate in safe custody. 

At the time of maturity, you have to bring a KVP certificate into your pocket to get your invested money (invested+interest).

There is no maximum limit for investment in the KVP scheme. You can invest money in a multiple of 100 rupees. One thousand is the minimum amount to open a new KVP account.

➤ Post Office RD Interest Rate 2022

Who can open a KVP account in post office? 

As per information available in Post Offices, A single adult person can open a KVP account in any of the post offices situated in India. 

A joint account with up to 3 adults can also open a KVP account. 

The post office allows a guardian to open a Kisan Vikas Patra savings account on behalf of a minor or a person of unsound mind.

In short, you can say that-

1. A single adult
2. A joint account with up to 3 adults
3. guardian on behalf of a minor or on behalf of a person of unsound mind.
4. a minor above 10 years in his own name.

Can I open a KVP account online?

Yes, It is now possible that KVP (Kishan Vikas Patra) Post Office account can be opened online. 

As per SB Order 13/2022, the Department of Posts issued an order for the introduction of KVP online account opening and closing through DOP Internet Banking.

How to open a KVP account online- Step by-step process (explained)

Make your DOP internet banking activated for your post office savings bank account. If post Office internet banking is not activated then read the ultimate guide on DOP internet banking from here.

Now follow below easy steps-

• Login into DOP internet banking.
• Enter your user id and password.
• Click on the 'General Services' option.
• Choose the 'Service requests' option.
• Now Click on 'New requests'.
• Click on the 'KVP account- Open a KVP account' option. 
• Deposit the amount as required for the KVP account.
• Click on 'Debit account' (select linked PO Savings Account)
• Click on "click here" to read the terms and conditions and accept the terms and conditions.
• Then click on the 'Submit online' button.
• Enter your Transaction password
• Again click on submit button.
• Your KVP account has been opened now. Click on View/Download Deposit Receipt to view and download the receipt.

You can also close your KVP account online by following the above steps. Internet banking users should check the maturity date and maturity amount in the closure screen before submitting the request. In the case of KVP, if the date of closure is prior to the maturity date, the closure will be treated as premature and closure proceeds will be as per the scheme rule.     

 

limitations for investing money in KVP scheme

KVP certificate can be purchased of minimum Rs. 1000 from any post office. You can invest your valuable money in multiple Rs. 100. There is no maximum limit for investing money.

In shorts, you can say- 

1. Minimum Rs. 1000 and multiple of Rs. 100, no maximum limit.
2. Any number of accounts can be opened under the scheme.

Time duration to double the money in the KVP scheme

Now, the main question comes what is the time duration for investment in KVP post office scheme to double the money?

I want to tell you that if you want to double your money then invest money in KVP scheme and forget it up to 124 months (10 years and 4 months) from the date of investment.

After 124 months, you will get double the money from your investment value. 

I again want to tell you that it is clearly mentioned on the India Post Official website. So, don't worry about your valuable money because post offices are controlled by the Government of India. 

Post Office KVP Scheme calculator 2023

KVP Interest rate as on 01 April 2022 is 6.9%. Interest will be calculated annually basis. 

I have mentioned an example for you. 

You can see below that how the money will be doubled after a specific time period invested in the Post Office Kisan Vikas Patra scheme.

Invested money in KVP - 1,00,000/-

After 10 years 4 months - Money Double

Years and Month	Money invested in KVP	Rate of Interest	Annually Interest
	100000	6.9	6900
1	106900	6.9	7376
2	114276	6.9	7885
3	122161	6.9	8429
4	130590	6.9	9011
5	139601	6.9	9632
6	149233	6.9	10297
7	159531	6.9	11008
8	170538	6.9	11767
9	182305	6.9	12579
10	194884	6.9	13447
4 m	208331	6.9	14375

Premature Closure of KVP Account

KVP account may be prematurely closed any time before maturity subject to the following conditions mentioned below: -

• On the death of a single account, or any or all the account holders in a joint account
• On forfeiture by a pledgee being a Gazette officer.
• When ordered by the court.
• After 2 years and 6 months from the date of deposit.
• Transfer of account from one person to another person.

KVP may also be transferred from one person to another person on the following conditions only.

• On the death of account holder to nominee/legal heirs.
• On the death of the account holder to a joint holder(s).
• On order by the court.
• On pledging of account to the specified authority.

FAQs on KVP scheme

Question 01- Which scheme is best for double money in post office?

Answer- Kisan Vikas Patra (KVP) Post Office Scheme.

Question 02- How much time is required to double the money in post office KVP scheme?

Answer- 124 months (10 years and 4 months) 

Question 03- How we can double our money in 2023?

Answer- KVP Post Office Scheme.

My thought

Ultimately, the Post office KVP scheme is known as Post office scheme to double the money. You have to invest money for better returns in 2023.

After maturity, you will get 2x money if you already invested in KVP post office scheme. 

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