Best Small Saving Scheme- This is a one time investment scheme, where your money doubles in a fixed period. You can invest as much money as you want in this scheme.
New Delhi. Everyone wants to invest their hard-earned money in such a place where they not only get good returns but also their capital remains completely safe. Keeping in mind the needs of risk-averse and small investors, the government is running many small savings schemes (Best small saving scheme). One such excellent small saving scheme is Kisan Vikas Patra. This is a good investment option for those looking for long term investments. At present interest rate of 7.5 percent is being given on Kisan Vikas Patra (Kisan Vikas Patra Interest Rate). This means that if you invest money in this scheme, your money will double in 115 months i.e. 9 years and seven months.
Kisan Vikas Patra can be purchased for ten years. The minimum investment in this is Rs 1,000. There is no limit on maximum investment. Meaning that you can invest money in it openly. It is a safe way of investing and is not subject to market risks. You will get guaranteed returns despite market fluctuations.
Who can invest?
The age of the person investing in Kisan Vikas Patra must be at least 18 years. Apart from single account, there is also the facility of joint account. At the same time, this scheme is also available for minors, who have to be supervised by the guardian. This scheme is also applicable for Hindu Undivided Family i.e. HUF or Trust except NRI. To invest in this, there are certificates of Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000, which can be purchased.
One Time Investment Scheme
Kisan Vikas Patra is a one time investment scheme of the Government of India, where your money doubles in a fixed period. You can buy Kisan Vikas Patra from all the post offices and big banks of the country. Nomination facility is available while purchasing the certificate. If you have not made a nominee while purchasing the KVP certificate, you can make the nomination anytime before maturity.
What tax benefits are available?
On investing in Kisan Vikas Patra, you have to pay tax on the interest income earned. Whereas under Section 80C of the Income Tax Act, you do not get any tax benefit on the amount deposited in this scheme.
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