Kisan Vikas Patra: At present the interest on Kisan Vikas Patra is 7.5 percent per annum. This rate is equal to the 5 year time deposit scheme of the post office. But on investing in it, you have to pay tax on the interest income earned.
New Delhi. Many small savings schemes are run by the Post Office. It is completely safe to invest in it. Investors also get excellent interest in these schemes. At the same time, a scheme is also run by the post office in which the money is doubled. The name of this scheme is Kisan Vikas Patra.
At present the interest on Kisan Vikas Patra is 7.5 percent per annum. This rate is equal to the 5 year time deposit scheme of the post office. According to the current interest rate, the money in Kisan Vikas Patra Scheme is doubling in 115 months i.e. 10 years and 3 months. However, there are some disadvantages of investing in it also. In such a situation, before investing you should know the advantages and disadvantages.
One Time Investment Scheme
Kisan Vikas Patra is a one time investment scheme of the Government of India, where your money doubles in a fixed period. Kisan Vikas Patra is available in all post offices and big banks of the country. The Central Government has increased the interest on Kisan Vikas Patra from 7.2 percent to 7.5 percent annually from April 1, 2023.
Who can invest?
The age of the person investing in Kisan Vikas Patra must be at least 18 years. Apart from single account, there is also the facility of joint account. At the same time, this scheme is also available for minors, who have to be supervised by the guardian. This scheme is also applicable for Hindu Undivided Family i.e. HUF or Trust except NRI. To invest in this, there are certificates of Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000, which can be purchased.
If you do not get KVP, you will not get tax benefits.
On investing in Kisan Vikas Patra, you have to pay tax on the interest income earned. Whereas under Section 80C of the Income Tax Act, you do not get any tax benefit on the amount deposited in this scheme.
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