Kisan Vikas Patra (KVP) : A Government backed Post Office investment Scheme

 



Kisan Vikas Patra (KVP) is a form of savings scheme that the government of India has in mind to enable long-term investments among the rural and urban population of India. Introduced in the year 1988, the objective of this scheme is to double the money invested in a guaranteed period through secured and non-risky investment. India Post Offices and some banks provide the facility for this scheme.


Key Features:


1. Interest Rate: 

Interest rate will be revised periodically by the Government. As per the last update, the interest rate is geared for the amount invested to double by about 124 months.


2. Eligibility: 

Any Indian citizen above 18 years of age is eligible to invest in KVP. It is also available for minors through their guardians. Joint account facility also available up to 3 adults. A minor also eligible above 10 years in his own name.


3. Minimum and Maximum Investment:

The minimum investment starts from Rs 1,000, but there is no upper limit. Number of accounts can be open in this scheme.


4. Tenure: 

The maturity period varies according to the interest rate revisions but usually revolves around ten years and four months.


5. Taxation:

 The interest on KVP is taxable, but there will be no TDS on the withdrawal amount on maturity.


6. Withdrawal on Premature Basis:

Allowed after 2.5 years from the date of investment, subject to conditions. 


7. Transferability: 

A KVP certificate can be transferred from one person to another and from one post office to another.


Kisan Vikas Patra (KVP) may be transferred from one person to another person on the following conditions only.


  • Death of account holder to nominee/legal heirs.

  • Death of account holder to joint holder(s).

  • Order by the court.

  • Pledging of account to the specified authority.


Benefits:

Guaranteed Returns: It offers guaranteed and risk-free returns because this is a government-backed scheme. 


Easy Investment: 

It is purchased very quickly at post offices and through authorized banks.

Transfer and Nomination Facilities: Transfer of certificates is possible.


In short, Kisan Vikas Patra is sure and safe for investment seekers in the long run, having assured returns. Being government-supported ensures safety and security, thus very common among conservative investors.


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