Kisan Vikas Patra is a one time investment scheme of the Government of India, where your money is doubled in a fixed period. Kisan Vikas Patra is present in all the post offices and big banks of the country. Its maturity period is currently 124 months. The minimum investment in this is Rs 1000. There is no maximum investment limit. This plan is specially made for the farmers, so that they can save their money for a long time.
Who can invest?
The minimum age of the person investing in Kisan Vikas Patra (KVP) is 18 years. In addition to a single account, there is also the facility of a joint account. At the same time, this scheme is also available for minors, which has to be looked after by the guardian. This scheme is also applicable for Trusts except Hindu Undivided Family i.e. HUF or NRI. There are certificates up to Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000 for investing in Kisan Vikas Patra (KVP), which can be purchased.
The interest rate for KVP in the first quarter of FY 2021 has been fixed at 6.9 percent. Here your investment will double in 124 months. If you invest Rs 1 lakh in lump sum, you will get Rs 2 lakh on maturity. This scheme has a maturity period of 124 months. This scheme does not come under the Income Tax Act 80C. Therefore, any return that comes will be taxed. TDS is not deducted in this scheme.
There is also facility to transfer
Kisan Vikas Patra can be encashed 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. Kisan Vikas Patra is issued in the form of a passbook.
These documents are required
To invest in this scheme, you need Aadhar Card, PAN Card, Voter ID Card, Driving License, Passport, KVP Application Form, Address Proof and Birth Certificate.
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