Post Office KVP Scheme: Kisan Vikas Patra (KVP) is a one-time investment scheme issued by the Government of India, where your money doubles in a set period of time. Kisan Vikas Patra is present in all post offices and big banks of the country. Its maturity period is still 124 months. The minimum investment in this is 1000 rupees. There is no maximum investment limit. This plan has been specially made for the farmers, so that they can save their money on a long-term basis. But any adult citizen of India can invest in this scheme. Having a maturity period of 124 months means that if you are thinking of making a long-term investment, then Kisan Vikas Patra may be a better option.
KVP: Feature of the scheme
This is a good plan for those investors who are not ready to take the risk but they have extra money and are looking for assured returns. As per the current rules, KVP certificates can be purchased from public sector banks as well as post offices in India. This scheme is not covered under the Income Tax Act 80C. So whatever returns will be taxed. TDS is not deducted in this scheme. The current interest rate in Kisan Vikas Patra is 6.9 percent. You will get compound interest on your investment. In this way, if you make 5 lakhs of rupees, then after 124 months, your money will be 10 lakhs.
Facility of joint account also
It is important to be at least 18 years of age to invest in Kisan Vikas Patra. In addition to the single account, there is also the facility of a joint account. At the same time, this scheme is also available for minors, which the guardian has to supervise. This scheme is also applicable for trusts except Hindu undivided family ie HUF or NRI.
Starting with a certificate of Rs 1000
KVP has certificates up to Rs 1000, Rs 5000, Rs 10,000 and up to Rs 50,000, which can be purchased.
Required documents
- Identity proof for KYC process
Aadhar Card
pan card
Voter ID Card
driving license
Passport - KVP Application Form
- Address proof
- Death of birth certificate
How to open account
- For this, you can open an account by going to any post office nearby and filling the form. Apart from this, the form can also be downloaded online.
- The full name, date of birth and address of the nominee should be written on the form.
- The amount of purchase amount must be clearly written in the form.
- The amount of KVP form can be paid through check or cash.
- If you are paying through check, please write the check number information on the form.
- Explain in the form KVP single or joint ‘A’ or joint ‘B’ membership, on what basis is being purchased.
- If it is purchased jointly, write the names of both the beneficiaries.
- If the beneficiary is a minor, then write his date of birth (DOB), parent’s name, guardian’s name.
- On submission of the form, a farmer development certificate will be provided along with the beneficiary’s name, maturity date and maturity amount.
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