Post Office: Kisan Vikas Patra is a one time investment scheme of the Government of India. In this, the money becomes double after a certain time. In this, tax exemption up to Rs 1.50 lakh is given under section 80C of income tax.
Post Office: Kisan Vikas Patra (KVP) is a one time investment scheme of the central government. In this, the money becomes double after the maturity period. Kisan Vikas Patra is present in all the post offices and big banks of the country. Its maturity period is currently 124 months. You can invest at least 1000 rupees in this. There is no limit for maximum investment.
This scheme is specially made for the farmers. So that they can save their money on long term basis. But any adult citizen of India can invest in this scheme. The maturity period of 124 months means that if you are thinking of investing in the long term, then Kisan Vikas Patra can prove to be a better option.
Know the features of the scheme
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. As per the existing rules, KVP certificates can be purchased from public sector banks as well as post offices in India. It earns compound interest on investment. In this sense, if you invest Rs 5 lakh, then after 124 months it will be Rs 10 lakh.
Joint account facility
The age of the person investing in Kisan Vikas Patra must be at least 18 years. Apart from the single account, there is also the facility of joint account. At the same time, this scheme is also available for minors. Which is to be looked after by the parent. This scheme is also applicable for Trusts except Hindu Undivided Family i.e. HUF or NRI.
