Kisan Vikas Patra Eligibility, Interest Rate |Post Office Saving Scheme
Kisan Vikas Patra is one of the best Government’s sponsored popular Small Savings Schemes. Good interest rates, tax savings, and government guarantees are also a great way to invest. Especially in the financial planning of the people of the rural and urban areas of the country, this has emerged as a better option. Post office Kisan Vikas Patra (KVP) savings scheme can be a better option for you if you want to double your money. This scheme doubles your investment in just 112 months.
What is Kisan Vikas Patra
Kisan Vikas Patra or KVP are a type of government bond, which you have in the form of investment certificates. By paying the price of these certificates, you deposit money with the government. The amount of money you put in it, after a stagnant period, the government returns it twice.
At present, KVPs are available in denominations of 1000, 5000, 10000 and 50000 rupees. At your convenience, you can buy any price and how many farmers’ development letters. In fact, the scheme likes scheme NSCs. The period is fixed in it and the amount in it the interest on both of them is the same. From January 1, 2018, it is getting rate of interest of 7.3 percent.
Who Can Invest in Kisan Vikas Patra
All Indian citizens whose age is 18 years and above can buy. It can be also bought in the name of two people.
When able to withdraw money
- If you want to withdraw your investment, then you have to wait for at least 2.5 years. Although financial experts advise long-term investments in it.
- How much time doubles the money in the scheme
- If you invest money in the scheme, then it can be doubled in the 112 months, 9 years and 4 months according to the current interest rate of 7.3%.
- Which document should you buy?
- Two passport size photo
- Identity card (ration card, voter identity card, passport, etc ..)
- Residence certificate (electricity bill, telephone bill, bank passbook, etc.)
- If your investment is more than 50 thousand, then PAN Card will be necessary for this phase.
- Aadhar Card (Government made it mandatory in October 2017)
Benefits and facility of the scheme
- High-interest rate
- Tax benefits
- Nominee Facility
- Transferable to other people when and whereas you wish
- Also, the branch change facility is available in the scheme
- Online facility for buying the Patra
- Premature withdrawal
- Loan against the scheme
How to Buy
- Go the nearest post office and ask for the Kisan Vikas Patra form
- Or visit the official website of the Post office and buy online
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