Kisan Vikas Patra is one of the small schemes of the post office. In this post office investment scheme, the depositor gets the benefit of government security on his deposit along with better returns.
New Delhi. Kisan Vikas Patra (KVP) is one of the nine small savings schemes offered by Indian Post. If you want to deposit your savings amount and do not want to take any risk, then this plan can prove to be the best option for you to save.
In this post office investment scheme, the depositor gets the benefit of government security on his deposit along with better returns. The Kisan Vikas Patra Scheme claims that under this, your deposit amount will double in 10 years and 4 months (124 months).
Indian Post Office offers 9 different small budget schemes for those investing in small deposit scheme. You can start investing in these post office savings schemes with very little money. There are also big benefits of investing in post office schemes. You get benefits like tax exemption with good interest rate on very low investment along with government security on investment. Let’s know about this scheme of post office.
What is this plan
It is clear from the name of this post office scheme that this scheme is for the farmers. But even after this, any person can deposit his money in it. Under this scheme, a person has to invest at least Rs 1,000 to buy a KVP certificate. Investment in this post office scheme can be done in multiples of Rs 1,000 only and no upper limit has been fixed for investment under this. However, if you want to deposit more than 50 thousand rupees under this, then for this you will have to give your PAN card details.
Who can open account
Under Kisan Vikas Patra Yojana, any Indian person whose age is more than 18 years can open his account. However, there is no upper age limit for opening the account. In the scheme, KVP certificate can also be purchased in the name of minor. NRI is not eligible for this scheme.
Investment limit
Certificate is issued for the money invested in Kisan Vikas Patra. Minimum 1 thousand to maximum 50 thousand rupees can be invested in the scheme. The interest on investment in the scheme is decided by the Ministry of Finance and is not related to market risks.
Rate of interest
At present, you will get the benefit of 6.9 percent annual interest rate in Kisan Vikas Patra. This interest is compounded annually.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
