Investing is a good habit, because the capital that we accumulate in bad times is always beneficial to us. But one is confused about where to invest where his money is safe and returns well. Let us tell you today about a plan where your money will be safe and double the return will be received at the end of the term. This is kisan vikas-patra KVP scheme of post office. Let’s tell you everything about it.
The Kisan Vikas Patra is the one-time investment scheme of the Government of India, where your money doubles in a fixed period. The Kisan Vikas Patra is present in all post offices and major banks of the country. The expiry period is still 124 months. The minimum investment is Rs. 1000. There is no limit to maximum investment. This scheme is designed for special farmers so that they can save their money for a long time.
Who can make investments?
To invest in The Farmer Development Letter (KVP), it is necessary to have a minimum age of 18 years. It also has a single account, and a combined account facility. Similarly, this scheme exists for minors, which the observer has to supervise. This scheme is applicable to the Hindu Vibhajit family, i.e. HUF or NRI, as well as trusts. For investing in Farmers Development Letter (KVP), certificates up to Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000 are available for purchase.
The interest rate for KVP has been fixed at 6.9 per cent in the first quarter of fY 2021. Here your investment will double in 124 months. If you invest one lakh rupees, you will get 2 lakh rupees at the end of the term. 124-month plan is expired. This scheme does not fall under income tax act 80C. Therefore, any return that comes will be taxed. TDS TDS is not deducted in this scheme.
Transfer facility also
The date of release of the Farmer Development Letter can be released after 10 years. KvP can also be transferred from one post to another. The farmer development letter can be transferred from person to person. The kvp also has a facility for nomination. The Farmer Development Letter is issued in the size of the passbook.
These are documents required
To apply in this scheme, you need Aadhaar card, PAN card, voter ID card, driving licence, passport, KVP application form, address certificate and birth certificate.