Best Saving Scheme of Post Office
In this post office scheme, the customer gets double the investment return. If you are planning to invest money too, then learn about this best scheme.
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 important to be at least 18 years of age to invest in Kisan Vikas Patra (KVP). In addition to the single account, there is also 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 to trusts except 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.Also read: Changed rules for withdrawing and depositing money from Post Office, now it will be charged so much
Rate of interest
The interest rate for KVP has been fixed at 6.9 per cent in the first quarter of FY 2021. Yes, your investment will double in 124 months. If you invest 1 lakh rupees outright, then you will get 2 lakh rupees on maturity. The 124-month scheme has a maturity period. This scheme is not covered under the Income Tax Act 80C. Therefore, whatever returns will come, there will be tax. TDS is not deducted in this scheme.
There is also a facility to transfer
The Kisan Vikas Patra can be redeemed after two and a half years from the date of 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.
These documents are needed
To apply in this scheme, you need Aadhar Card, PAN Card, Voter ID Card, Driving License, Passport, KVP Application Form, Address Proof and Birth Certificate.