Kisan Vikas Patra - double your money: Plan to invest in this scheme? Know it all here
Kisan Vikas Patra can be purchased by a single adult and can also be purchased jointly by a maximum of 3 adults. An adult can also purchase this scheme on behalf of a minor. Individuals buying this scheme in the name of a minor should put a correct date of birth of the minor along with details of the parent/guardian. The minor should be above 10 years
Do you know about this scheme which doubles your invested amount in 124 months i.e. in just 10 years and 4 months? This scheme called the Kisan Vikas Patra (KVP), was launched by India Post in 1988. The scheme currently offers an interest rate of 6.9 per cent and can be purchased at a minimum investment of Rs 1000 in multiples of 100 and with no maximum limit. The guaranteed returns from this scheme makes it a risk free investment option.
The scheme can be purchased by any Indian citizen who is above the age of 18 years from the nearest post office. This scheme finds resonance with individuals in rural parts of the country.
Know these important features about this scheme:
- Kisan Vikas Patra can be purchased by a single adult and can also be purchased jointly by a maximum of 3 adults. An adult can also purchase this scheme on behalf of a minor. Individuals buying this scheme in the name of a minor should put a correct date of birth of the minor along with details of the parent/guardian. The minor should be above 10 years.
- KVP is issued in the shape of Passbook and can be purchased from any Departmental Post office.
- This scheme provides facility of nomination.
- Certificate can be transferred from one person to another and from one post office to another.
- Certificate can be encashed after 2 and a 1/2 years from the date of issue.
The minimum locking period is 30 months and the amount can be withdrawn after this period. The proceeds of maturity will continue to accrue interest till the final amount is withdrawn.
See Zee Business Live TV Streaming Below:
The scheme, however, offers no incentive as the interest on KVP is taxable on accrual basis. It is taxed as Income from Other Sources.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
02:52 PM IST