Post Office Superhit Scheme: There are many types of schemes near the post office, in which lakhs of people of the country invest. There is no risk involved in investing in a post office. It also gives good returns. This is the reason why the number of people investing in post office schemes has increased.
If you want to invest money in a government scheme for a long time and also want to avoid risk, then the Kisan Vikas Patra scheme of the post office can be a good option for you. Investing in Kisan Vikas Patra (KVP) of Post Office gives good returns. This is a double money scheme from the Government of India where you get an interest rate of 6.9 percent per annum and it doubles in 124 months (10 years and 4 months).
This scheme is available through most of the post offices in India.
What is Kisan Vikas Patra Scheme?
Kisan Vikas Patra (KVP) is a savings scheme provided by the Government of India. The KVP scheme offers substantial returns on completion of its maturity period through high interest rates. This risk free investment scheme of the Government of India encourages its citizens to make long term savings.
Who can invest?
Any citizen of 18 years of age or above can invest in Kisan Vikas Patra. The minimum investment amount in this is Rs 1000 and no limit has been fixed for the maximum investment. Any adult account can be opened on behalf of a minor below the age of 10 years in Kisan Vikas Patra. As soon as the minor attains the age of 10 years, an account is created in his name. Not only this, three people of the age of 18 years or more can also open a joint account.
tax to be paid on return If one returns this scheme within one year of purchase, then he does not get the benefit of any kind of interest. This post office scheme does not come under the Income Tax Act 80C. Hence, tax has to be paid on the return earned on the investment amount. However, TDS is not deducted in this scheme.
