Kisan Vikas Patra scheme Benefits and Types of Certificates Available
Doubles the investment at once over a period of years (115 months). For example, Kisan Vikas for
Rs.5,000 The Kisan Vikas Patra is a certificate scheme from India Post Office. It is approximately 9.5
document will give you a corpus of Rs.10,000 after maturity. In this article, we will provide information about the features of this scheme And analyze the efficiency .Kisan Vikas Patra
What is Kisan Vikas Patra?
- India Post introduced Kisan Vikas as a small savings certificate scheme in 1988. Long-term financial in people Its primary objective is to promote discipline. As per the latest update, the tenure of the scheme is now 115 months (9 years 5 months).
- Minimum investment amount is Rs. 1,000 and no upper limit. And if you invest a lump sum today,
- At the end of 115th month you can get double amount. Initially, farmers can save in the long run Meant to do, hence the name. Now available to all.
- To prevent money laundering, the government in 2014 required PAN card proof for investments above Rs.50,000. Mandatory.
- Proofs (salary slips, bank statements, ITR documents etc.) should be submitted.
- It has a low-risk savings platform where you can safely deposite your money for a specialized period of time.
- Further, submission of Aadhaar number as proof of identity of the account holder is also mandatory.
Types of Certificates Available:
Kisan Vikas Patra Certificate can be of following types:
- Single Holder Type Certificate: This type of certificate is issued to an adult for themselves or on behalf of a minor or on behalf of a minor who has full rights will be done.
- Joint A Type Certificate: This type of certificate is issued jointly to two adults, which is valid for both the holders.joint or survivor.
- Joint B Type Certificate: This type of certificate is issued jointly to two adults, among the holders Payable to anyone or survivors.
KVP Eligibility
The following are eligible to invest in KVP:
- Applicant must be a citizen of India
- Applicant must be Major
- An adult can apply on behalf of a person under 18 years of age (minor) or of unsound mind.
- Hindu Undivided Family (HUF) Non-Resident Indians (NRIs) are not eligible and not allowed to invest in KVP
Who should invest in KVP scheme?
- Any Indian citizen after 18 years of age can get Kisan Vikas form from your nearest post office. Can be purchased. This is particularly attractive to people in rural India (who do not have a bank account).
- If you want to take the scheme for a minor you can also buy KVP jointly with another adult.
- ADD Date of birth of applicant who has applied and there parents name has well.
- KVP is a good choice for risk-averse individuals who have surplus money, close to them
- There will be no need in the future. It depend upon your risk profile and goals.
- For example, people seeking tax saving schemes like Public Provident Fund, National Savings Certificates
- Tax saving banks have better options like FD schemes. You are exposed to be some of level in risk
- If ready, you have an Equity Linked Savings Scheme (ELSS). Hence, according to your financial strength
Features and Benefits of Kisan Vikas Patra
Guaranteed return
Irrespective of the market uo and down graphs, you will get the guaranteed amount in policy. This
scheme is actually agricultural
Aimed at the community, the priority is to encourage them to save for the rainy season.
Capital protection
Kisan Vikas role is a safe investment method as well as not subject to market losses. Tenure
At the end you will receive the investment and profit.
Interest
Effective interest rate for Kisan Vikas Patra for years invested in KVP at the time of purchase
Varies by number. The current interest rate is 7.5% pa for Q1 FY 2024-25 i.e. 1 April 2023 to 30
Quarterly compounded annually till June 2024. By compounding interest, you get more on your deposit
Receive income maturity:
- Kisan Vikas Patra maturity period is 115 months, then you can get the corpus. You withdraw the amount
- KVP will continue to earn interest on the maturity proceeds till such time.
