Post Office Kisan Vikas Patra Scheme: If you are interested to invest money in a secure manner that too with higher returns then Kisan Vikas Patra Scheme is a relevant option available in India. money then you have many options available. In this investment scheme, the risk is absolutely zero and the return is good.
Let us tell you that there is a government guarantee on the Kisan Vikas Patra scheme, so this scheme is very safe and secure. Let us tell you more about this scheme.
The total duration of the Kisan Vikas Patra Scheme is 10 years and 4 months. If you invest in this scheme from 1st April 2022 to 30th June 2022, then the lump sum amount deposited by you doubles in 10 years and 4 months. In this scheme, a compound interest of 6.9% is given annually.
You can buy Kisan Vikas Patra Certificate with a minimum investment of Rs.1,000, there is no limit to invest money in it. That means you can invest as much as you want.
This scheme was started in 1988 which was earlier only for farmers. But now everyone can open it. Let us tell you that if you invest more than Rs 50,000 then you will have to submit a copy of PAN card.
On the other hand, if you invest more than 10 lakhs, then you will have to mention the source of income, such as ITR, salary slip and bank statement etc. Apart from this, you also have to provide your identity card.
To open this account, you need identity proof such as Aadhar Card, PAN Card, Voter ID Card, Driving License and Passport. You can open a single or joint account as per your requirement.
Any Indian citizen above the age of 18 years can avail of Kisan Vikas Patra from the nearest post office. People from rural India (with no bank account) find this particularly appealing. You can also buy one for a minor or jointly with another adult.
Guaranteed returns are available on this scheme. Your money invested in it is completely safe.
One can invest in it in denominations of 1000, 5000, 10000, and 50000.
You can also take a loan by keeping Kisan Vikas Patra as collateral or as security.
Tax exemption is 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 i.e. after 124 months, but its lock-in period is 30 months. Before this, you cannot withdraw money from the scheme, unless the account holder dies or there is a court order.