Kisan Vikas Patra: If you are planning to invest in any post office scheme, then Kisan Vikas Patra is a very good scheme. It could double your money
Kisan Vikas Patra: Even today a large number of people like to invest in the scheme of India Post Office. There is no risk involved in this. Kisan Vikas Patra is a good scheme under the Small Saving Scheme. It is also known as KVP. Any adult citizen can open his account. It can also open a joint account in the name of three people. This scheme of post office is most popular.
Know interest rates
In Small Savings Scheme, interest rates are fixed every three months i.e. on quarterly basis. On June 30, 2022, the government has not made any change in the interest rates available in Kisan Vikas Patra. At present, it earns interest at the rate of 6.9 per cent per annum. One can start investing in this scheme with Rs 1000. There is no maximum investment limit in this. People are taking full advantage of this scheme for the purpose of doubling the money. Your investment amount in Kisan Vikas Patra doubles in 124 months i.e. 10 years 4 months.
Is there any tax exemption
Kisan Vikas Patra Scheme does not come under Income Tax Act 80C. Therefore, any return received in this will have to be taxed. However, TDS is not deducted in this scheme. If you invest more than Rs 50,000 in this scheme, you will have to share your PAN card details. You can also take a loan by using Kisan Vikas Patra Scheme as a guarantee.
Who can open account?
Any person above 10 years of age can open an account under this scheme. But the account has to be updated under the supervision of an adult till the age of 18 years. At the same time, a person above 18 years can open an account alone, with two or three people.
