Post Office Scheme: If you want to invest money then you have many options available. As some investments are high risk, but they give good returns.
On the other hand, in some investments, the risk is absolutely zero and the return is also good. Now if you are looking for an option that gives good returns in zero risk, then you can invest in Post Office Saving Schemes Kisan Vikas Patra.
Let us tell you that there is a government guarantee on the Kisan Vikas Patra scheme, so this scheme is very safe in this respect. Also the returns are good. Let us know about this scheme.
What is Kisan Vikas Patra (KVP)?
The duration of Kisan Vikas Patra Scheme is 10 years and 4 months. If you invest in this scheme from 1st April 2022 to 30th June 2022, then the lump sum amount deposited by you doubles in 10 years and 4 months. In this scheme, compound interest of 6.9% is given annually.
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 limit to invest money in it. That means you can invest as much as you want.
- This scheme was started in 1988 which was earlier only for farmers. But now everyone can open it. Let us tell you that if you invest more than Rs 50,000 then you will have to submit a PAN card.
- On the other hand, if you invest more than 10 lakhs, then you will have to mention the source of income, such as ITR, salary slip and bank statement etc. Apart from this, you also have to provide your identity card.
What happens in Kisan Vikas Patra Scheme?
- Guaranteed returns are available on this scheme. That is, your money invested in it is completely safe.
- One can invest in it in denominations of 1000, 5000, 10000, 50000.
- You can also take loan by keeping Kisan Vikas Patra as collateral or as security.
- Tax exemption is available 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 on maturity i.e. after 124 months, but its lock-in period is 30 months. Before this, you cannot withdraw money from the scheme, unless the account holder dies or there is a court order.
Required Certificate:
To open this account, you need identity proof such as Aadhar Card, PAN Card, Voter ID Card, Driving License and Passport. You can open single or joint account as per your requirement.
