Yes, we are talking about Kisan Vikas Patra i.e. KVP. KVP is a government scheme, which is run by the post office. Let us tell you that the post office comes under the central government, that is, the investment made in this scheme is completely safe.

The government is giving 7.5 percent interest on the Kisan Vikas Patra scheme
Currently, 7.5 percent interest is being given on Kisan Vikas Patra. Under this scheme, your investment keeps getting compounded on an annual basis. Lump sum investment is made in Kisan Vikas Patra scheme. You can open an account in this scheme with a minimum investment of Rs 1000. While there is no maximum investment limit in this. You can deposit as much money as you want in multiples of Rs 100. Kisan Vikas Patra scheme matures in 115 months (9 years and 7 months). The most special thing about this scheme is that your investment doubles directly on maturity.

If you deposit Rs 10 lakh, you will get a total of Rs 20 lakh on maturity

For example, if you deposit Rs 10 lakh in this scheme, you will get Rs 20 lakh directly on maturity. This Rs 20 lakh includes Rs 10 lakh of your investment and Rs 10 lakh of interest. Let us tell you that there is no risk of any kind in this scheme and your money will be completely safe. Under this scheme, you can open a single account. Apart from this, a joint account can also be opened in it, in which names of maximum 3 people can be added. Not only this, if you want, you can also open an account in this scheme in the name of your child.

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But many senior citizens work even after the age of 60 years. However, if the income is above the tax limit, senior citizens also have to pay tax. But there are some schemes through which senior citizens can get rid of tax.

Investment Schemes for Senior Citizens to Avoid

Tax There are some investment schemes for senior citizens if they want to get rid of tax. By investing in these schemes, senior citizens not only get tax exemption, but also get a good return on investment. Let’s take a look at these 5 investment schemes.

1. Senior Citizen Savings Scheme:-

The Central Government’s Senior Citizen Savings Scheme is an excellent investment option for senior citizens. This scheme not only provides tax exemption, but also provides good returns. The central government has increased the interest rate on this scheme from 7.6% to 8% from January 1, 2023. The minimum investment period is 5 years, which can be extended up to 3 years. Up to 15 lakh rupees can be invested in this scheme. A minimum investment of Rs 1.50 lakh is required for tax exemption.

2. Tax Saving Fixed Deposit :-

This scheme is available for investment of senior citizens in all banks of the country. However, the interest rate on this scheme is different in all banks. 7.75% in Axis Bank, 7.25% in SBI. In this too, the minimum period of investment is 5 years and up to 1.50 lakh rupees can be invested in a year.

3. National Savings Certificate :-

This investment scheme also exempts senior citizens from tax for a minimum period of 5 years. This is a central government scheme and has increased the interest rate on this KM from 6.8% to 7% from January 1, 2023.

4. ELSS Scheme:-

ELSS scheme of mutual funds is also a good option for tax exemption for senior citizens. It has a minimum investment period of 3 years. The return on this scheme depends on the fluctuations in the market. In this case, the risk remains.

5. Tax Free Bonds :-

This is also a good option for citizens to get rid of tax. In this scheme, bonds are issued by government companies or institutions. The minimum period of investment in this scheme is 5 years.

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