If you do not want to take risk in investment and want to double your money then this scheme is better for you. Under this, you can invest any amount. Any Indian citizen can open his account under the Post Office Kisan Vikas Patra (Post Office KVP) scheme.
There are many investment options available in the market. Investors select investment products according to their needs and goals. If you are preparing to invest then you can select Kisan Vikas Patra (KVP). Along with guaranteed returns, it comes with many benefits. Kisan Vikas Patra, commonly known as KVP, is one of the best small savings schemes offered by the post office. Currently, KVP is offering 7.5% interest compounded annually.
Kisan Vikas Patra 2023: How to apply
- To invest in Kisan Vikas Patra, you will have to submit the properly filled form to the post office or bank.
- KYC process is mandatory for this. You need to submit ID and address proof copy (PAN, Aadhar, Voter ID, Driver’s License or Passport).
- After the paper is verified, you will have to deposit the money. You can deposit money by cash, check or demand draft.
- In case of cash, you will get the KVP certificate immediately. You have to keep it safe because you have to deposit it at the time of maturity.
Benefits available in Kisan Vikas Patra 2023
- You will get guaranteed money despite market fluctuations.
- It is a safe way of investing and is not subject to market risks.
- KVP account can be opened with a minimum amount of ₹1,000 and in multiples of ₹100 thereafter.
- There is no maximum limit.
- KVP can be opened in any post office.
- The maturity period of Kisan Vikas Patra is 115 months. Interest will continue to accrue on the maturity proceeds of KVP until you withdraw the amount.
- You can use your KVP certificate as collateral or security to avail a secured loan.
- Nomination facility is available.
- As per the existing provisions of Section 194A of the Income Tax Act, on maturity of KVP, no tax is required to be deducted from the interest income.
Eligibility to invest in Kisan Vikas Patra 2023
- Indian citizen above 18 years of age.
- An adult can apply on behalf of a minor or a person of unsound mind.
