The government has not changed the interest rates on all small savings schemes including PPF, KVP, SSY for the April-June quarter. Let us tell you that this is the fifth consecutive quarter when the government has not changed the interest rates of small savings schemes. The Finance Ministry said in a circular that the interest rates on different small savings schemes in the quarter starting from April 1, 2025 and ending on June 30, 2025 will remain unchanged from the rates notified for the January-March quarter of the financial year 2024-25.

Sukanya Samriddhi Yojana, interest on Kisan Vikas Patra will remain same as before
According to the circular, accounts opened in the name of daughters under Sukanya Samriddhi Yojana will get 8.2 percent interest, while 3-year FDs will continue to get 7.1 percent interest. The interest rates of PPF and post office savings deposit schemes, which are popular among the common people, have also been retained at 7.1 percent and 4 percent respectively for the next quarter. The interest rate on Kisan Vikas Patra (KVP) will remain at 7.5 percent as before and this investment will mature in 115 months.

National Savings Certificate will continue to get interest at the rate of 7.7 percent
The interest rate on National Savings Certificate (NSC) will remain at 7.7 percent for the period April-June 2025. Apart from this, Monthly Income Scheme (MIS) will also continue to get interest of 7.4 percent like the current quarter. Let us tell you that the government last changed the interest rates of some schemes for the fourth quarter of the financial year 2023-24. The government changes the interest rates of small savings schemes every 3 months as per the need and issues its notification.

Related Articles:-

New Rule From 1st April: THESE 5 big changes will be implemented in the country from April 1. Check list here

Bank Holiday Canceled: RBI has cancelled the holidays of all bank employees on 31st March, Check Details

Small savings schemes: Govt announces interest rates for PPF, NSC, SSY for April-June, check the new interest

The post PPF, KVP, SSY Interest rate: Government fixed the interest rate of PPF, KVP, SSY till June 30, check new rate first appeared on Rightsofemployees.com.

How much will be earned in which scheme

As we mentioned above, no change has been made in the interest rates of any small savings scheme including PPF, KVP, NSC. If you invest in PPF scheme from January 2025 to March 2025, you will get only 7.1% annual interest. Also, if you invest in Sukanya Samriddhi Yojana, you will get 8.2% annual interest, 7.5% annual interest in Kisan Vikas Patra, 4% annual interest in Post Office Savings Account, 7.7% annual interest in National Savings Certificate, 7.4% annual interest in POMIS and 8.2% annual interest in savings schemes run for senior citizens.

How much will you earn in post office time deposit

Along with other Post Office Savings Schemes, the information about the new interest rate of Post Office Time Deposit Schemes has also been given in the information issued by the Finance Ministry. From January 2025, 6.9% annual interest will be given on 1-year Post Office Time Deposit Scheme, 7.0% annual interest will be given on 2-year Post Office Time Deposit Scheme, 7.1% annual interest will be given on 3-year Post Office Time Deposit Scheme. Also, 6.7% annual interest will be offered on 5-year Post Office Recurring Deposit Scheme.

The post Govt Announced New Interest rates on PPF, KVP, SSY and other Small Savings Scheme, check all details first appeared on Rightsofemployees.com.

Buying life insurance policies, investing in Provident Fund (PF), investing in Public Provident Fund (PPF), buying National Savings Certificate (NSC), getting fixed deposit (FD) done in the bank, etc. are quite popular methods for saving in our country, but apart from these, there are some such schemes, investing in which can lead to significant savings and income (in the form of interest).

Come, today let us tell you about one such government savings scheme Kisan Vikas Patra (KVP), by investing in which you can double the amount in a few years.

When and how much interest is received on KVP…?

The government is currently paying 7.5 percent interest on the amount invested under the KVP scheme, which is compounded on an annual basis. The same interest is being paid on investments made in this scheme after January 1, 2024. Under the scheme, your invested amount doubles in 115 months due to the current interest rate, that is, if you invest today, you will get double the amount after nine years and seven months.

How much can one invest in Kisan Vikas Patra…?

The minimum investment or deposit amount in Kisan Vikas Patra is ₹1000, but there is no maximum limit of investment, and any amount can be invested in multiples of ₹100. More than one account can also be opened in Kisan Vikas Patra.

Who can buy Kisan Vikas Patra…?

Any adult can invest in KVP. A joint account can also be opened in Kisan Vikas Patra, in which a maximum of three adults can participate. Apart from this, the guardian of a minor boy or girl can also invest in Kisan Vikas Patra, and KVP can be purchased in the name of any minor if the age is more than 10 years.

Yes, one important thing to remember about KVP is that unlike PPF and Sukanya Samriddhi Yojana, the interest and maturity amount received under KVP is taxable, that is, you will have to pay income tax on the amount earned on your investment.

Kisan Vikas Patra, or KVP, is one of the small savings schemes run by the government itself. The interest rate for all these schemes is reviewed every quarter. Apart from KVP, these schemes run by India Post include schemes like Public Provident Fund (PPF), Monthly Income Scheme (MIS), Sukanya Samriddhi Yojana (SSA) and National Savings Certificate (NSC).

Related Articles:-

Special Public Holiday: Govt has declared October 5th and 6th as public holidays in this state. Check Details

Senior citizens can invest up to ₹ 30,00,000 in this scheme, the returns are excellent, know the whole thing

FD Rate: These 5 banks are giving the highest interest on FD, you will enjoy seeing the returns

The post Govt Best Scheme: Your money will double in less than 10 years, invest in KVP first appeared on Rightsofemployees.com.

This is a government scheme, so there is no risk in it. Post Office Kisan Vikas Patra Yojana will give you good returns along with guarantee. This scheme is also known as Double Income Scheme. Today we will tell you how you can apply in this scheme and in how many months the amount deposited will double. Let us tell you that not only farmers but also common citizens can open their account in this scheme. To invest in Kisan Vikas Patra, you must be at least 18 years of age.

Money will double in this time

Under the Kisan Vikas Patra Yojana (KVP) of the post office, you can make a minimum investment of Rs 1000. However, no limit has been set for maximum investment in it. Last year in April 2023, the interest rate of this scheme was increased from 7.2 percent to 7.5 percent. That is, earlier it used to take 120 months for the money to double through this scheme, whereas now your money will double in just 115 months i.e. 9 years and 7 months.

Single and joint accounts can be opened

If you want to open your account under this scheme, then you can open a Kisan Vikas Patra account both singly and jointly. Under this scheme of the post office, three people can also open a joint account together. It is mandatory to add the name of the nominee in this scheme. If you want, you can also close this account after 2 years and 6 months.

Also Read: – DA hike: 3% hike in DA, DR from July 2024 expected in September. Check details on salary, increment

Open an account for Kisan Vikas Patra Yojana

by going to any of your nearest post offices and filling its form. You can also download the form of this scheme online. The name, date of birth and address of the nominee, the amount with which the account is being opened, all these information should be written in clear letters on the form. The amount to be invested in this scheme can be paid through cheque or cash. If you are making payment through cheque, then definitely write the cheque number on the form. Clear in the form on what basis the Kisan Vikas Patra (KVP) is being purchased single or joint.

If you are buying it jointly, then write the names of both the beneficiaries on the form. If the beneficiary is a minor, write his/her date of birth (DOB), and the name of his/her parents. On submission of the form, Kisan Vikas Patra will be provided with the beneficiary’s name, maturity date and maturity amount.

Documents required to open an account

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

Is there any tax benefit on KVP scheme?

The post Post Office’s great scheme, you have to invest for this many months, your money will double first appeared on Rightsofemployees.com.

In how much time will the money double?

The government has announced 7.5 percent interest on Kisan Vikas Patra for the October-December period of the financial year 2023-24. According to this, if you invest in Kisan Vikas Patra for 115 months, your money will double. For example, if a person today invests one lakh rupees in Kisan Vikas Patra for 115 months, then on maturity that person will get two lakh rupees.

Let us tell you, before the increase in interest rates, the money in Kisan Vikas Patra used to double in 123 months, but with the increase in the interest rate, the period for doubling the money kept decreasing and now the money is doubling in 115 months. .

You can start investing from Rs 1,000

You can start investing in Kisan Vikas Patra with Rs 1,000. There is no limit on maximum investment. This means that you can invest as much as you want as per your wish. You also get the benefit of tax exemption in Kisan Vikas Patra. Under Section 80C of Income Tax, farmers can avail tax exemption of up to Rs 1.5 lakh on investments made in Kisan Vikas Patra in a financial year. Children above 10 years of age can also open accounts in KVP.

How to open account in Kisan Vikas Patra?

To open an account in Kisan Vikas Patra Yojana, you must have a savings account in the post office, through which you can easily open an account in Kisan Vikas Patra.

The post Post Office Dhansu Yojana: You will get Rs 200000 on deposit of Rs 100000 – Know how? first appeared on Rightsofemployees.com.

Kisan Vikas Patra or KVP is run under the small savings scheme by the Post Office. The advantage of this scheme is that the person depositing in it is given the option to double the money. Since it is a post office scheme, there is no risk of losing money and the money doubles by the time it matures.

In how much time will the money double?

The government has announced 7.5 percent interest on Kisan Vikas Patra for the October-December period of the financial year 2023-24. According to this, if you invest in Kisan Vikas Patra for 115 months, your money will double. For example, if a person today invests one lakh rupees in Kisan Vikas Patra for 115 months, then on maturity that person will get two lakh rupees.

Let us tell you, before the increase in interest rates, the money in Kisan Vikas Patra used to double in 123 months, but with the increase in the interest rate, the period for doubling the money kept decreasing and now the money is doubling in 115 months. .

You can start investing from Rs 1,000

You can start investing in Kisan Vikas Patra with Rs 1,000. There is no limit on maximum investment. This means that you can invest as much as you want as per your wish. You also get the benefit of tax exemption in Kisan Vikas Patra. Under Section 80C of Income Tax, farmers can avail tax exemption of up to Rs 1.5 lakh on investments made in Kisan Vikas Patra in a financial year. Children above 10 years of age can also open accounts in KVP.

How to open account in Kisan Vikas Patra?

To open an account in Kisan Vikas Patra Yojana, you must have a savings account in the post office, through which you can easily open an account in Kisan Vikas Patra.

The post Post Office Kisan Vikas Patra Scheme: One lakh rupees will get two lakh rupees in this scheme; Understand the complete calculation first appeared on Rightsofemployees.com.

Kisan Vikas Patra (KVP) is a deposit scheme of this post office. It is the only government deposit scheme in the country where deposits are doubled. Apart from this, any amount can be deposited in this scheme.

Currently, the money deposited in the post office’s Kisan Vikas Patra (KVP) scheme is doubling in 115 months. 115 months is 9 years 7 months. In this scheme, 7.50 percent interest is being paid on compounding basis.

Minimum limit

Kisan Vikas Patra (KVP) can be started from a minimum of Rs.1000. There is no upper limit. So this plan is considered very good for those who want to double their money.

Beneficial even in financial difficulties

Kisan Vikas Patra (KVP) can be taken in single or joint name. Even if you want to invest more money, buying Kisan Vikas Patra (KVP) with less money is beneficial. Kisan Vikas Patra will help you financially even in times of trouble. If required, a loan can be taken against the bank by pledging the Kisan Vikas Patra (KVP). Thus, this money doubling plan becomes very attractive. Money can also be deposited in the name of children in this scheme.

The post Post Office Schemes: Make two lakhs in one lakh, know this new scheme of post office first appeared on Rightsofemployees.com.

The government has increased the interest rates on deposits in these schemes by 0.1-0.7 percent. Small savings schemes that give tremendous returns of the post office include National Savings Certificate (NSC), Post Office Time Deposit Scheme, Sukanya Samriddhi Yojana, Kisan Vikas Patra, Recurring Deposit and Senior Citizens Savings Scheme.

The increase in interest rates means that now your money will double triple faster than before. Here we know on the basis of increased interest rates on three schemes KVP, NSC and SCSS, where your money will double first.

Post Office schemes: where and how much interest increased

According to the information available on the post office website, the maximum interest rate on NSC has increased by 0.7 percent. From April 1, it will get 7.7 percent interest, which was earlier 7 percent. The interest rate on Senior Citizen Savings Scheme has increased from 8 percent to 8.2 percent and on Kisan Vikas Patra from 7.2 percent to 7.5 percent.

Kisan Vikas Patra (KVP)

Interest rate: 7.5% per annum
72/7.50 = 9.6 years or 115 months
According to Rule 72, your investment here will double in 115 months.

Senior Citizens Saving Scheme (SCSS)

Annual interest: 8.20%
72/8.20 = 8.8 years or approximately 106 months
According to Rule 72, your investment here will double in 106 months.

Post Office NSC

Annual interest: 7.70%
72/7.7 = 9.35 years or 112 months
According to Rule of 72, your investment here will double in 112 months.

Know the Rule of 72?

You can use the Rule of 72 formula to find out the time in which money will double in a scheme. Experts consider it an accurate formula. Understand it in such a way that suppose you have invested in a scheme, in which you get 6% interest annually. In this case, under Rule 72, you have to divide 6 in 72. 72/6 = 12 years, that is, under this scheme your money will double in 12 years.

The post Post Office Top Schemes: KVP, NSC or SCSS after increased interest rates, where will the money double soon? first appeared on Rightsofemployees.com.

From April 1, 2023, the government has increased the interest rate of small savings schemes of the post office, including the Kisan Vikas Patra (KVP), a government scheme of the post office being run in the name of farmers. The central government has increased the interest received on Kisan Vikas Patra from 7.2 percent to 7.5 percent annually from April 1, 2023. That is, now in this scheme your money will double more quickly. Let us know about this scheme.

What is Kisan Vikas Patra (KVP)?

Kisan Vikas Patra is a lump sum investment scheme run by the Government of India. In this scheme, you can double your money within a fixed period. Kisan Vikas Patra Yojana is available for investment in all post offices and big banks of the country. This scheme is specially made for the farmers, so that they can save their money on long term basis. The minimum investment in this is Rs 1000. There is no limit on maximum investment.

In how much time money will double

The government has increased the interest rates of this scheme from 1st April. Now you are getting returns at the rate of 7.5% per annum by investing in this scheme. From January 2023 to March 2023, it was taking 120 months to double the money in this scheme. But now your money will double in five months before that i.e. 115 months i.e. 9 years and 7 months only. If you put 4 lakhs in it in lump sum then you will get 8 lakhs back in 115 months. The good thing is that you also get the benefit of compounding interest in this scheme. That is, you earn interest even on interest.

Rebate on account opening

You can start investing in Kisan Vikas Patra with just Rs.1000. After this, investment can be made in multiples of Rs.100. Any number of accounts can be opened under the scheme. Account Single and 3 adults together can open joint account. Nominee facility is also available in this. Children above 10 years of age can open KVP account in their own name. A guardian can open an account on behalf of a minor or a person of unsound mind.

If you want to close KVP account

You account can be prematurely closed after 2 years 6 months from the date of deposit. KVP can be closed on the death of a single account or death of any or all account holders in a joint account, forfeiture on behalf of the pledgee being Gazetted Office Officer and when ordered by a court. The account can be pledged or transferred as security by submitting an application to the concerned post office along with the acceptance letter of the pledgee.

The post Post office money double scheme: 4 lakhs will get 8 lakhs, now this investment scheme will double the money first appeared on Rightsofemployees.com.

The government has announced an increase in the interest rate of Kisan Vikas Patra from the first quarter of the financial year 2023-24. Under this announcement, apart from the increase in the interest rate, the maturity period has also been changed. So let’s know about it in detail.

Interest has increased

After the new update, the new interest rate available in the investment of Kisan Vikas Patra will be 7.5%, which was earlier 7.2%. At the same time, the maturity period has been increased to 115 months. This means that the money deposited under KVP scheme will now double in 115 months. Whereas, earlier its maturity period was 123 months. Explain that the benefit of increased interest rate and reduced maturity period is going to be available till June 30.

Start with Rs 1,000

A minimum amount of up to Rs 1,000 has been fixed for investment in Kisan Vikas Patra. An investment of more than Rs 50,000 can also be made in this. However, for this a PAN card is required. After investment, certificates equal to the investment amount are issued. There is no upper limit for investing in this scheme.

These people can invest money

Any adult can open his account in this scheme for investing in Kisan Vikas Patra. 3 adults can come together to open a joint account. Account can be opened for minor also under this scheme, any minor above 10 years can also open account in his name.

If you want to withdraw the money of the scheme before the maturity period, then penalty has been fixed for this. This penalty is for withdrawing money before one year. If the money is withdrawn between one year and two and a half years, then there is no penalty, but the interest is reduced.

The post Post Office Super Plan: Golden opportunity to invest in this post office scheme, now your money will double in 115 months first appeared on Rightsofemployees.com.

.Is. The interest rate of these savings schemes has been increased by 10 to 70 basis points. However, there has been no change in the interest rates of PPF. The interest rate of Sukanya Samriddhi Yojana has been increased from 7.6 percent to 8 percent. The interest on Monthly Income Account has now increased from 7.1 per cent to 7.4 per cent and on Kisan Vikas Patra from 7.2 per cent to 7.5 per cent.

Those investing in Senior Citizen Savings Schemes will now get 8.2 per cent interest instead of 8 per cent.

Interest rates on time deposits also increased

The government has also increased the interest rates on time deposits of one, two, three and five years. Now one year time deposits will get 6.8 percent interest. Till now 6.6 percent interest was being received. 6.9 percent interest will be available on two-year time deposits. Earlier this rate interest rate was 6.8 percent.

Similarly, the interest on three-year time deposits has been increased from 6.9 per cent to 7.0 per cent. Investors will now get 7.5 per cent interest instead of 7 per cent on 5-year time deposits.

The post Good news! Government has increased the interest rates of SSY, KVP, NSC and PPF schemes, check new rate first appeared on Rightsofemployees.com.

But they back down because they are at risk of losing their money. If you are also one of them, then you can invest in the Kisan Vikas Patra Scheme (KVP) of the post office. Kisan Vikas Patra (KVP) scheme is best for long term investment. In this, your deposited money will always be completely safe. Also, KVV claims its customers to double the amount deposited under this scheme in 10 years and 4 months (124 months). Let us know about this scheme of the post office.

What is Kisan Vikas Patra Yojana?

The duration of this scheme is 124 months i.e. 10 years 4 months. If you have invested in this scheme from 1 April 2021 to 30 June 2021, then the lump sum amount deposited on your behalf doubles in 10 years and 4 months. On Kisan Vikas Patra, you get compound interest of 6.9% per annum. (Post Office Savings Scheme) Investment is made in the form of certificate in Kisan Vikas Patra (KVP). There are certificates up to Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000, which can be bought.

Who can open an account in KVP?

Under this, any Indian person whose age is more than 18 years can open his account in it. However, no upper age limit has been prescribed for opening an account. But under this, KVP certificate can also be bought in the name of a minor. NRI is not eligible for this scheme.

Investment limit in Kisan Vikas Patra

You can buy Kisan Vikas Patra Certificate with a minimum investment of Rs 1,000, there is no maximum investment limit in this scheme, that is, you can put money in this scheme as much as you want. This scheme was started in 1988, then its objective was to double the investment of farmers, but now it has been opened for all. Now it can be said that Kisan Vikas Patra has nothing to do with the farmers at present.

PAN-Aadhaar will have to be given to open an account

There is also a risk of money laundering since there is no investment limit, so in 2014 the government made PAN card mandatory for investments above Rs 50,000. If investing 10 lakh or more, then income proof will also have to be submitted, such as ITR, salary slip and bank statement. Apart from this, Aadhaar also has to be given as an identity card.

The post Post office’s superhit scheme! Your money will be doubled with guarantee – know the terms of investment first appeared on Rightsofemployees.com.

Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme (SCSS) are some of the schemes where you can get more than 7 per cent returns. At the same time, in another popular scheme Kisan Vikas Patra (KVP), you can take advantage of 6.9 percent compound interest annually. Here we will tell what is special in the Kisan Vikas Patra (KVP) scheme.

(KVP)

KVP is an interesting scheme. This scheme can double your deposit amount in 10 years and 4 months (124 months) at the prevailing interest rate. If you start a KVP deposit of Rs 1 lakh today, it will increase to Rs 2 lakh in the next 124 months.

The current interest rate of 6.9% on KVP deposits is higher than that of many bank fixed deposits. Let us have a look at some of the key features of this small savings scheme-

• Minimum and Maximum Deposit: You can deposit a minimum of Rs 1000 in KVP and then in multiples of Rs 100. There is no maximum limit for investment under this scheme. You can open any number of KVP accounts.
• Maturity: The amount deposited under KVP matures as per the period prescribed by the Ministry of Finance from time to time. Currently, if you deposit today, it will mature after 124 months. However, premature withdrawal is allowed in special circumstances.
• Transfer : In case of death of the account holder, the KVP account for the nominee/legal heir can be transferred from person to person- to the joint holder on the death of the account holder; On the orders of the Court and mortgage of the account to the Specified Authority.

Should I invest in Small Savings Scheme?

Small savings schemes like KVP offered by the post office offer guaranteed returns to investors who cannot afford to lose their hard earned money. Apart from this, many post office schemes like PPF, SSY and SCSS offer higher interest rates and tax benefits as compared to term deposits of banks.

However, if you are not afraid of taking risks, you can invest in market-oriented schemes like mutual funds and stocks. Here you can get higher returns and double the money faster than in the post office scheme. But before investing in mutual funds or stocks, you should do thorough research and consult a professional financial advisor.

The post New Post Office Plan: Big news! Doubling money with post office scheme Rs 1,00,000 to Rs 2,00,000 in 124 months , know here complete details first appeared on Rightsofemployees.com.

Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme (SCSS) are some of the schemes where you can get more than 7 per cent returns. At the same time, in another popular scheme Kisan Vikas Patra (KVP), you can take advantage of 6.9 percent compound interest annually. Here we will tell what is special in the Kisan Vikas Patra (KVP) scheme.

Kisan Vikas Patra (KVP)

Kisan Viaks Patra (KVP) is an interesting scheme. This scheme can double your deposit amount in 10 years and 4 months (124 months) at the prevailing interest rate. If you start a KVP deposit of Rs 1 lakh today, it will increase to Rs 2 lakh in the next 124 months.

The current interest rate of 6.9% on KVP deposits is higher than that of many bank fixed deposits. Let us have a look at some of the key features of this small savings scheme-

• Minimum and Maximum Deposit: You can deposit a minimum of Rs 1000 in KVP and then in multiples of Rs 100. There is no maximum limit for investment under this scheme. You can open any number of KVP accounts.
• Maturity: The amount deposited under KVP matures as per the period prescribed by the Ministry of Finance from time to time. Currently, if you deposit today, it will mature after 124 months. However, premature withdrawal is allowed in special circumstances.
• Transfer : In case of death of the account holder, the KVP account for the nominee/legal heir can be transferred from person to person- to the joint holder on the death of the account holder; On the orders of the Court and mortgage of the account to the Specified Authority.

Should I invest in Small Savings Scheme?

Small savings schemes like KVP offered by the post office offer guaranteed returns to investors who cannot afford to lose their hard earned money. Apart from this, many post office schemes like PPF, SSY and SCSS offer higher interest rates and tax benefits as compared to term deposits of banks.

However, if you are not afraid of taking risks, you can invest in market-oriented schemes like mutual funds and stocks. Here you can get higher returns and double the money faster than in the post office scheme. But before investing in mutual funds or stocks, you should do thorough research and consult a professional financial advisor.

The post Post Office New Plan: Doubling money with post office scheme Rs 1,00,000 to Rs 2,00,000 in 124 months , know here complete details first appeared on Rightsofemployees.com.

Investing in the Kisan Vikas Patra of the Post Office gives great returns. This is a double money scheme of the Government of India where you get an interest rate of 6.9 per cent per annum and it doubles in 124 months (10 years and 4 months). This scheme is available through most of the post offices in India.

What is Kisan Vikas Patra Scheme?

Kisan Vikas Patra (KVP) is a savings scheme provided by the Government of India. The KVP scheme offers substantial returns on the completion of its maturity period through high interest rates. This risk free investment scheme by the Government of India encourages its citizens to make long term savings.

Who can invest?

Any citizen of 18 years of age or above can invest in Kisan Vikas Patra. In this, the minimum investment amount is Rs 1000 and no limit has been fixed for the maximum investment. In Kisan Vikas Patra, any adult account can be opened on behalf of a minor below the age of 10 years. As soon as the minor attains the age of 10 years, the account is made in his name. Not only this, three people of the age of 18 years or more can also open a joint account.

Tax to be paid on return

If someone returns this scheme within a year of purchase, then he does not get the benefit of any kind of interest. Post office schemeIncome TaxThe Income Tax Act does not come under 80c. Therefore, tax has to be paid on the return earned on the investment amount. However, TDS is not deducted in this scheme.

The post KVP: Superhit scheme of post office, money will be double in just so many months first appeared on Rightsofemployees.com.

Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme (SCSS) are some of the schemes where you can get more than 7 per cent returns. At the same time, in another popular scheme Kisan Vikas Patra (KVP), you can take advantage of 6.9 percent compound interest annually. Here we will tell what is special in the Kisan Vikas Patra (KVP) scheme.

Kisan Vikas Patra (KVP)

KVP is an interesting scheme. This scheme can double your deposit amount in 10 years and 4 months (124 months) at the prevailing interest rate. If you start a KVP deposit of Rs 1 lakh today, it will increase to Rs 2 lakh in the next 124 months.

The current interest rate of 6.9% on KVP deposits is higher than that of many bank fixed deposits. Let us have a look at some of the key features of this small savings scheme-

• Minimum and Maximum Deposit: You can deposit a minimum of Rs 1000 in KVP and then in multiples of Rs 100. There is no maximum limit for investment under this scheme. You can open any number of KVP accounts.
• Maturity: The amount deposited under KVP matures as per the period prescribed by the Ministry of Finance from time to time. Currently, if you deposit today, it will mature after 124 months. However, premature withdrawal is allowed in special circumstances.
• Transfer : In case of death of the account holder, the KVP account for the nominee/legal heir can be transferred from person to person- to the joint holder on the death of the account holder; On the orders of the Court and mortgage of the account to the Specified Authority.

Should I invest in Small Savings Scheme?

Small savings schemes like KVP offered by the post office offer guaranteed returns to investors who cannot afford to lose their hard earned money. Apart from this, many post office schemes like PPF, SSY and SCSS offer higher interest rates and tax benefits as compared to term deposits of banks.

However, if you are not afraid of taking risks, you can invest in market-oriented schemes like mutual funds and stocks. Here you can get higher returns and double the money faster than in the post office scheme. But before investing in mutual funds or stocks, you should do thorough research and consult a professional financial advisor.

The post Post Office New Plan: Doubling money with post office scheme Rs 1,00,000 to Rs 2,00,000 in 124 months , know here complete details first appeared on Rightsofemployees.com.

KVP: Once deposited, forget it

Vikas Vikas Patra is such a scheme, in which you forget by depositing lump sum money and after 10 years 4 months i.e. 124 months your money will double. At present, the interest rate on Kisan Vikas Patra is 6.9 per cent per annum. Compounding is done annually. Investment is made in the form of certificate in Kisan Vikas Patra (KVP). In this, you can invest a minimum of Rs 1,000 and then in multiples of Rs 100. There is no maximum limit for investment in this.

Who can open account

Any Indian person who is above 18 years of age can open his account in Kisan Vikas Patra. However, there is no upper age limit for opening an account. KVP certificate can also be purchased in the name of minor. Minors above 10 years can open this account in their own name. NRI is not eligible for this scheme.

Kisan Vikas Patra can be purchased from any post office. You also get the facility of nominee in the account. Not only this, you can also transfer accounts from one post office to another post office. Moreover, Kisan Vikas Patra can also be transferred from one person to another.

With no investment limit, there is also the risk of money laundering, so the government made PAN card mandatory in 2014 for investments above Rs 50,000. If investing 10 lakh or more, then income proof will also have to be submitted, such as ITR, salary slip and bank statement. Apart from this, Aadhaar is also to be given as an identity card. This scheme was started in 1988. Facility of investment in Kisan Vikas Patra is available in more than 1.5 lakh post office branches across the country.

The post Government Scheme: Guaranteed Earnings, Deposit Once, You Will Get Double Money; Know full details first appeared on Rightsofemployees.com.

For this reason it is also the safest. Apart from this, there is also a tax exemption on investing in these schemes. One such scheme is being run by the Post Office. The name of this scheme is Kisan Vikas Patra (KVP). This scheme was first launched in 1988. Till now lakhs of people have invested in this scheme.

Money will double in 10 years 4 months

You get interest at the rate of 6.9 percent in Kisan Vikas Patra Yojana. In this compound interest is available annually. Due to this your invested amount doubles in 10 years and 4 months. You do not even need to invest much money to open an account in this scheme. You can open an account in Kisan Vikas Patra Purchase Scheme with only 1000 rupees.

How to open Kisan Vikas Patra Yojana account

According to the information given by the post office, the age should be more than 10 years to open an account under this scheme. Also, three people can jointly open a joint account. A minor’s account can be opened by a guardian.

Maturity Period of KVP Scheme

At present the maturity time of this scheme is 124 months. Whereas the lock-in period is 30 months. If you want, you can close your account (Kisan Vikas Patra Account) even before maturity. This account can also be forfeited on the death of the account holder in a single account or on the death of any or all the account holders in the joint account. The account of this scheme can be closed even after 2 years and 6 months from the date of deposit.

How to invest in this scheme

If you want to invest in Kisan Vikas Patra, then you will have to go to your nearest post office for this. Go there and apply with the deposit receipt.

After this, deposit the investment amount through cash, cheque, demand draft or pay order. A photocopy of the identity card must be attached with the application. After submitting the application and money, you will get the proof of investment in Kisan Vikas Patra.

The post Post Office Investment Scheme: This post office scheme doubles the money in a short time, check details first appeared on Rightsofemployees.com.