Post Office scheme: Post office schemes are long term investments. These schemes are for those who prefer traditional investments and have a long-term outlook. Government guarantee is available on post office schemes, that is, there is no risk in it at all.
Investment is the only way through which you can secure the future of yourself and your family. At present, there are many types of investment options available according to the risk capacity. If you have a high risk appetite then you invest in equities like mutual funds, but if you are looking for a safe and zero risk investment then post office savings schemes can be a better option.
Long term investment
Post office schemes are long term investments. These schemes are for those who prefer traditional investments and have a long-term outlook. Government guarantee is available on post office schemes, that is, there is no risk in it at all. Also a guaranteed return on investment is also available. Here we are going to tell you about one such post office scheme, whose name is Kisan Vikas Patra.
What is Kisan Vikas Patra (KVP)
The duration of this scheme is 124 months i.e. 10 years 4 months. If you have invested in this scheme from 1st April 2020 to 30th June 2020, then the lump sum amount deposited by you doubles in 10 years and 4 months. On Kisan Vikas Patra, you get an annual compound interest of 6.9%.
You can invest as much as you want
You can buy Kisan Vikas Patra Certificate with a minimum investment of Rs 1,000, there is no maximum investment limit in this scheme, that is, you can put as much money as you want in this scheme. This scheme was started in 1988, then its objective was to double the investment of farmers, but now it has been opened to all. Now it can be said that Kisan Vikas Patra has nothing to do with farmers at present.
But have to give PAN and Aadhaar
With no investment limit, there is also the risk of money laundering, so the government made PAN card mandatory in 2014 for investments above Rs 50,000. If investing 10 lakhs or more, then income proof will also have to be submitted, such as ITR, salary slip and bank statement etc. Apart from this, Aadhaar is also to be given as an identity card.
Can buy in three ways
1. Single Holder Type Certificate: This type of certificate is purchased for self or for a minor
2. Joint A Account Certificate: It is issued jointly to two adults. Payment is made to both the holders, or whoever is alive.
3. Joint B Account Certificate: It is issued jointly to two adults. pays to either of the two or is alive
Features of Kisan Vikas Patra
- Guaranteed returns are available on this scheme, it has nothing to do with market fluctuations, so it is a very safe way of investment. After the end of the period, you get the full amount
- It does not get tax exemption under section 80C of Income Tax. The return on this is fully taxable. There is no tax on withdrawal after maturity.
- You can withdraw the amount after maturity i.e. 124 months, but its lock-in period is 30 months. Before this you cannot withdraw money from the scheme, provided the account holder dies or there is a court order
- It can be invested in denominations of 1000, 5000, 10000, 50000
- Collateral to Kisan Vikas Patra You can also take a loan by keeping it as security or
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