If you want to invest somewhere safe in the midst of huge fluctuations in the stock market, then the post office scheme is of great use to you. Here you can earn huge profits at zero risk. If you want long term investment under the Post Office Savings Scheme, then the Kisan Vikas Patra (KVP) scheme of the post office is the best. In this, your money will be double and there will be no risk. Let us know about this superhit scheme.
What is Kisan Vikas Patra Scheme?
- Kisan Vikas Patra Scheme is a one time investment scheme of the Government of India, under which your money is doubled in a fixed period.
- Let us tell you that it is present in all post offices and big banks of the country.
- Its maturity period is currently 124 months.
- A minimum investment of Rs 1000 has to be made in this, while there is no limit on the maximum investment under this.
- Kisan Vikas Patra (KVP) is invested in the form of certificates, which you can buy in the form of certificates of Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000.
Required documents
- There is no investment limit in this scheme, so there is a risk of money laundering.
- Therefore, the government has made PAN card mandatory for investments of more than Rs 50,000 in it.
- Along with this, Aadhaar is also to be given as an identity card.
- If you invest 10 lakh or more in this, then you will also have to submit income proof, such as ITR, salary slip and bank statement.
How to buy certificate like this?
- Single Holder Type Certificate: It is purchased for self or for a minor
- Joint A Account Certificate: It is issued jointly to two adults. pays to both holders, or whoever is alive
- Joint B Account Certificate: It is issued jointly to two adults. pays to either of the two or is alive
Features of Kisan Vikas Patra
- There are many specialties of Kisan Week Patra Scheme.
- In this, you get guaranteed returns, there is no effect of market fluctuations on it.
- In this, after the end of the period, you get the full amount.
- In this scheme, tax exemption is not available under section 80C of income tax.
- The return on this is fully taxable. There is no tax on withdrawal after maturity.
- You can withdraw the amount on maturity, but it has a lock-in period of 30 months.
- Before this, you cannot withdraw money from the scheme, unless the account holder dies or there is a court order.
- It can be invested in denominations of 1000, 5000, 10000, 50000.
- You can also take loan by keeping Kisan Vikas Patra as collateral or as security.
