In this post office scheme, the customer gets double the investment return. If you are also planning to invest money, then learn about this best scheme.
Investing is a good habit because in bad times our accumulated capital is always useful for us. But the person remains entangled in the same confusion, to invest where his money is safe and returns will also be good. So, today we tell you about a similar scheme, where your money will be safe as well as a double return will be given on maturity. This is the Kisan Vikas Patra (Kisan Vikas Patra- KVP) scheme of the Post Office. Let’s tell you everything about it …
The Kisan Vikas Patra is a one-time investment scheme of the Government of India, where your money doubles in a given period. 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 made for specific farmers so that they can save their money for a long time.
Who can invest?
It is necessary to be at least 18 years of age to invest in Kisan Vikas Patra (KVP). Apart from a single account, it also has the facility of a joint account. At the same time, this scheme also exists for minors, which the guardian has to supervise. This scheme is also applicable for trusts except for Hindu undivided family ie HUF or NRI. To invest in Kisan Vikas Patra (KVP), there are certificates up to Rs 1000, Rs 5000, Rs 10,000, and up to Rs 50,000, which can be purchased.
The interest rate for the KVP has been fixed at 6.9 percent in the first quarter of FY 2021. Yes, your investment will double in 124 months. If you invest 1 lakh rupees outright, you will get 2 lakh rupees on maturity. The 124-month scheme has a maturity period. This scheme does not come under the Income Tax Act 80C. So whatever returns will be taxed. TDS is not deducted in this scheme.
There is also a facility to transfer
Kisan Vikas Patra can be redeemed two and a half years after the date of the issue. KVP can also be transferred from one post office to another post office. Kisan Vikas Patra can be transferred from one person to another. Nomination facility is available in KVP. The Kisan Vikas Patra is issued in the shape of a passbook.
Documents are needed to Open An Account
To Open An account in this plan, you need Aadhaar Card, PAN Card, Voter ID Card, Driving License, Passport, KVP Application Form, Address Proof, and Birth Certificate.