Kisan Vikas Patra Scheme: If you don’t want to take any risks with your money and want to double it, this strategy is for you. You can invest any amount under this. Any Indian citizen can open a Post Office Kisan Vikas Patra (Post Office KVP) account.
Kisan Vikas Patra Scheme
In the market, there are several investing alternatives. Investors choose investment products based on their requirements and aspirations. If you are looking to invest, Kisan Vikas Patra (KVP) is a good option. It has various advantages in addition to assured earnings. Kisan Vikas Patra, or KVP, is one of the greatest modest savings initiatives available through the post office. KVP is now giving a 7.5% compounded yearly return.
Kisan Vikas Patra 2023 How to apply Online apply
- To invest in Kisan Vikas Patra, you must submit a properly completed form to a post office or bank.
- The KYC procedure is required for this. You must send a copy of your ID and address proof (PAN, Aadhar, Voter ID, Driver’s License, or Passport).
- After the paper has been confirmed, you must deposit the funds. You can make a cash, or check, or demand a draft deposit.
- In the event of cash, you will receive the KVP certificate right away. You must keep it secure because you must deposit it when it reaches maturity.
Benefits available in Kisan Vikas Patra 2023
- Regardless of market swings, you will receive assured funds.
- It is a risk-free investment that is not affected by market fluctuations.
- KVP accounts can be started with a minimum of $1,000 and in increments of $100 afterward.
- There is no upper limit.
- The KVP may be obtained at any post office.
- Kisan Vikas Patra has a maturity time of 115 months. The maturity profits of KVP will continue to accumulate interest until you remove the cash.
- To get a secured loan, you can use your KVP certificate as collateral or security.
- There is a nomination option available.
- According to Section 194A of the Income Tax Act, no tax is needed to be deducted from the interest income when the KVP matures.
Eligibility to Invest in Kisan Vikas Patra 2023
- Indian citizen above the age of 18.
- An adult may apply on behalf of a minor or a mentally ill individual.