Today we tell you about one such scheme, where your money will be safe as well as you will get double return on maturity. This is the Kisan Vikas Patra (KVP) scheme of the Post Office.
Today we tell you about one such scheme, where your money will be safe as well as you will get double return on maturity. This is the post office’s Kisan Vikas Patra (Kisan Vikas Patra KVP) scheme. Kisan Vikas Patra is a one time investment scheme of the Government of India, where your money doubles in a fixed period. Let us tell you everything about it…
Kisan Vikas Patra is present in all the post offices and big banks of the country. Its maturity period is currently 124 months. The minimum investment in this is Rs 1000. There is no maximum investment limit. This plan has been made for special farmers, so that they can save their money for a long time.
Who can invest?
The person investing in Kisan Vikas Patra (KVP) must be at least 18 years old. Apart from single account, there is also facility of joint account. At the same time, this scheme is also available for minors, who have to be looked after by the guardian. This scheme is also applicable for trusts other than Hindu Undivided Family ie HUF or NRI. You can invest a minimum of Rs 1,000 in the Kisan Vikas Patra scheme. At the same time, no limit has been fixed for the maximum investment amount.
Rate of interest
At present, you are getting an interest rate of 7 percent on investing in the Kisan Vikas Patra scheme. Here your investment will double in 124 months. If you invest Rs 1 lakh in lump sum, you will get Rs 2 lakh on maturity. The maturity period of this scheme is 124 months. this scheme Income Tax The act does not come under 80C. Therefore, any return that comes will be taxed. TDS is not deducted in this scheme.
Transfer facility is also available
Kisan Vikas Patra can be encashed after two and a half years from the date of issue. KVP can also be transferred from one post office to another post office. Kisan Vikas Patra can be transferred from one person to another. Nomination facility is available in KVP. Kisan Vikas Patra is issued in the shape of a passbook.
These documents are needed
To invest in this scheme, you need Aadhar Card, PAN Card, Voter ID Card, Driving License, Passport, KVP Application Form, Address Proof and Birth Certificate.