Kisan Vikas Patra Yojana: Most people want to invest in such schemes in which they get good returns and there is not much risk. Today we will tell you about one such scheme, which will double your investment.
This is a government scheme, so there is no risk in it. Post Office Kisan Vikas Patra Yojana will give you good returns along with guarantee. This scheme is also known as Double Income Scheme. Today we will tell you how you can apply in this scheme and in how many months the amount deposited will double. Let us tell you that not only farmers but also common citizens can open their account in this scheme. To invest in Kisan Vikas Patra, you must be at least 18 years of age.
Money will double in this time
Under the Kisan Vikas Patra Yojana (KVP) of the post office, you can make a minimum investment of Rs 1000. However, no limit has been set for maximum investment in it. Last year in April 2023, the interest rate of this scheme was increased from 7.2 percent to 7.5 percent. That is, earlier it used to take 120 months for the money to double through this scheme, whereas now your money will double in just 115 months i.e. 9 years and 7 months.
Single and joint accounts can be opened
If you want to open your account under this scheme, then you can open a Kisan Vikas Patra account both singly and jointly. Under this scheme of the post office, three people can also open a joint account together. It is mandatory to add the name of the nominee in this scheme. If you want, you can also close this account after 2 years and 6 months.
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Open an account for Kisan Vikas Patra Yojana
by going to any of your nearest post offices and filling its form. You can also download the form of this scheme online. The name, date of birth and address of the nominee, the amount with which the account is being opened, all these information should be written in clear letters on the form. The amount to be invested in this scheme can be paid through cheque or cash. If you are making payment through cheque, then definitely write the cheque number on the form. Clear in the form on what basis the Kisan Vikas Patra (KVP) is being purchased single or joint.
If you are buying it jointly, then write the names of both the beneficiaries on the form. If the beneficiary is a minor, write his/her date of birth (DOB), and the name of his/her parents. On submission of the form, Kisan Vikas Patra will be provided with the beneficiary’s name, maturity date and maturity amount.
Documents required to open an account
- Aadhar Card
- PAN Card
- Voter ID Card
- Driving License
- Passport
- KVP Application Form
- Address Proof
- Date of Birth Certificate
Is there any tax benefit on KVP scheme?
By investing in the Kisan Vikas Patra scheme, you have to pay tax on the profit earned. The exemption given under section 80C of the Income Tax Act 1961 does not apply to this scheme.
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