Kisan Vikas Patra Scheme: Kisan Vikas Patra is a scheme launched by the Central Government available from the Indian Post Office. It is a savings scheme that aims and promises to double the money of the customer who invests in it. The scheme also promises guaranteed returns to such investors. Kisan Vikas Patra is one of the many small savings schemes supported by the Centre. The investor can double his capital amount within a period of 124 months (10 years and four months) to invest in Kisan Vikas Patra and issue the certificate between July 1, 2021 to September 30, 2021.
The interest rate for the Kisan Vikas Patra hasn’t changed as of late, and currently stands at 6.9 percent per annum. This is because the central government has not made any change in the interest rates of the small savings scheme for some time. According to India Post Website, Post Office This scheme has a maturity period of 124 months, above which the investor’s money will double. The website claims, “The amount invested (in KVP) doubles in 124 months.”
Here is everything you need to know about Post Office Kisan Vikas Patra
Investors can deposit a minimum amount of Rs 1,000 and in multiples of Rs 100 thereof. There is no upper limit on the amount to be deposited.
Any Indian citizen can open Kisan Vikas Patra account. Anyone above the age of 18 years can go to the post office and buy a certificate for this.
Minor can open a joint account with an adult for this scheme. A maximum of three adults can participate in a joint account.
– A person can open as many KVP accounts as he wants as there is no restriction on this number
-KVP can be pledged or transferred as security, supported with acceptance letter from the pledgee by submitting the prescribed application form at the concerned post office. A person can transfer his account from one post office to another. The account can also be transferred from one person to another.
In the case of Kisan Vikas Patra, the interest rate has been reduced from 7.6 percent to 6.9 percent in April to June 2020 and has remained stable till date. This was done amid the onset of the Covid-19 pandemic.
While KVP can be opened by a trust, HUF or NRI cannot open such accounts in post offices.
– The KVP can be prematurely closed at any time before maturity if the individual holding the single account dies, or all the persons holding the joint account. Being a gazetted officer, he can be closed even on mortgage. Alternatively, KVP can be closed after two and a half years of account opening.
Kisan Vikas Patra Account, unlike the stock market, promises guaranteed returns to an investor irrespective of market volatility. This is because the scheme was originally meant to encourage farmers to save before the rainy season.
– KVP is a safe investment and is not subject to market risks. At the end of the tenure an investor will get investment and profit.
Kisan Vikas Patra Scheme does not come under 80C deduction. This means that the return is fully taxable. However, Tax Deducted at Source (TDS) is exempt from withdrawal at maturity.
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