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The minimum locking period is 30 months and the amount can be withdrawn after this period. The proceeds of maturity will continue to accrue interest till the final amount is withdrawn.
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The scheme, however, offers no incentive as the interest on KVP is taxable on accrual basis. It is taxed as Income from Other Sources.
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