The lawn in period of e-Kisan Vikas Patra scheme run by Bank of Baroda is 2 years and 6 months. This scheme can be closed even before the lock in period but there are some conditions for it.
The government runs the Kisan Vikas Patra (KVP, KVP) scheme for people with small savings. This is a scheme in which the money is guaranteed to double. Since the government runs it, there is no risk of sinking money in it. This scheme was started in the year 2014 and it became so popular that everyone in rural areas wants to take it. This is a one-time investment scheme issued by the Government of India.
This scheme is run in the post offices and banks of the country. In this name, there is a name of Bank of Baroda which runs the e-Kisan Vikas Patra scheme. It is a means of small savings that allows you to invest in a savings plan for a long time. It is a popular investment tool that guarantees low risk and assured returns. On the Kisan Vikas Patra, the rate of interest is 6.9 percent, which continues from 1 January 2021 to 31 March 2021. The Government of India revises the interest rates of e-KVP every three months.
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You can deposit at least 1000 rupees
The scheme, which runs from 1 January 2021 to 31 March 2021, currently has a tenure of 124 days. You can deposit at least 1000 rupees in it. There is no limit on the maximum deposit amount and this deposit should be in multiple of Rs 100. Kisan Vikas Patra is a kind of certificate that an adult person buys for himself or on behalf of a minor or by two adults. There is a facility to make a nominee in Kisan Vikas Patra.
Two and a half year lock-in period
The lawn in period of e-Kisan Vikas Patra scheme run by Bank of Baroda is 2 years and 6 months. This scheme can be closed even before the lock in period but there are some conditions for it. If there is a joint account, it can be closed if anyone dies in the account holder. If a gazetted government officer writes in writing to stop the scheme, it can be closed. If the court orders, the scheme can be discontinued.
Need these papers
To avoid the risk of money laundering, the government has made it mandatory to give PAN card on investments of more than 50 thousand rupees. If you deposit 10 lakh rupees, to show income proof for this, you have to submit salary slip, bank statement, ITR paper. In this scheme, it has been made mandatory to provide Aadhaar card for identity card.
The Hindu joint family or HUF and NRI cannot invest in this scheme, but there is an exemption for the trust. However, there is no tax exemption and the provision of 80C does not apply to it. That is, you will have to pay tax on the return amount you will get. It offers compound interest on investment.
