Those investing in Kisan Vikas Patra will get double benefit from this step of the government. One, they will now get 7 percent interest instead of 6.9 percent. At the same time, earlier the investment in Kisan Vikas Patra used to mature in 124 months, now it will mature in 123 months.
New Delhi. The Central Government has increased the interest rates of many Small Savings Schemes for the third quarter (October-December). For the quarter starting October 1, the interest rate has been increased by up to 30 basis points. The small savings schemes whose interest has been increased include Kisan Vikas Patra. The government has increased the interest rate for Senior Citizens Savings Scheme from 7.4% to 7.6%, while the interest on Kisan Vikas Patra has also been increased from 6.9% to 7 percent.
Those investing in Kisan Vikas Patra will get double benefit from this step of the government. One, they will now get 7 percent interest instead of 6.9 percent. At the same time, earlier the investment in Kisan Vikas Patra used to mature in 124 months, now it will mature in 123 months. Due to the excellent returns available in Kisan Vikas Patra and the safety of the money invested in it, a large number of people invest money in it.
Who can invest?
Any Indian citizen of 18 years of age or above can invest in Kisan Vikas Patra. Its special thing is that investment in this scheme can be started from 1000 rupees only. One advantage of this is that there is no investment limit in this. That is, any amount of money can be invested in it. In Kisan Vikas Patra, the account of a minor below the age of 10 years can also be opened, but this work will have to be done by an adult only.
No tax exemption
On investing in this post office schemeIncome TaxDiscount is not available. The investor has to pay income tax according to his tax slab on the amount invested and the interest earned on it. However, TDS is not deducted in this scheme.
Withdrawals possible before maturity
If a person returns the Kisan Vikas Patra within 1 year of purchase, then he will not get interest. Also he will have to pay a fine. If the withdrawal is made after two and a half years under the investor, then he will not have to pay any penalty and at the same time full interest is also paid to the investor.
