Post Office Kisan Vikas Patra Interest Rate: The Kisan Vikas Patra Scheme of the Central Government is being operated by the Post Office in the whole country. The Government of India is operating nine small savings schemes, in which the Kisan Vikas Patra is very much liked by the people. In this scheme, investors get good returns in the long run.
Explain that the Kisan Vikas Patra Scheme can be purchased by an individual or jointly by a maximum of 3 people. Apart from this, a minor above the age of 10 years is also eligible to buy this bond. You can buy Kisan Vikas Bond from any post office across the country.
The post office runs many schemes on which the Government of India provides a lot of interest to the people. If we talk about Kisan Vikas Patra Yojana, then this is the most famous scheme of the post office, which is very much liked by the customers. At present, interest is being provided to the people on KVP at the rate of 6.9 percent. You can deposit Rs 1.5 lakh in this in 1 year. Under this scheme, you are also given all kinds of tax exemptions. Through this plan, your money gets doubled in 124 months.
The interest rate for the Kisan Vikas Patra scheme being run by the Indian Postal Department is decided by the Federal Ministry of Finance on a quarterly basis. At present, interest is given to the customers at the rate of 6.9%. The amount invested by you in this scheme will double in 10 years and 4 months.
Let us tell you that in Kisan Vikas Patra Yojana, you will have to invest at least 1000 rupees. There is no maximum limit given in this. You can invest as much as you want. After two and a half years of buying this bond from the post office, you can withdraw money from it.
Kisan Vikas Patra will be issued to the customers in the form of passbook. You can get its form from any post office. The certificate can also be transferred from one person to another and from one post office branch of the Indian Postal Department to another. Apart from this, you can transfer this bond from one person’s name to another person’s name very easily.
Customer can transfer Kisan Vikas Patra Bond account from one post office to another. Payment can be made after 30 months from the date of issue of the bond. The interest will continue to accrue through maturity till the final payment is made.
Documents Required for Obtaining Kisan Vikas Patra Certificate
To obtain the Kisan Vikas Patra of the Indian Postal Department, the applicant has to keep a copy of the following documents:-
1. Identity Proofs such as Aadhar Card, Voter ID, PAN, Passport and Driving License for the process of KYC.
2. Completely filling up the KVP application form.
3. Date of Birth Certificate
4. Address Proof
How to apply for Kisan Vikas Patra?
If a person wants to invest in the Kisan Vikas Patra Scheme of the Indian Postal Department, then he can start saving by going to his nearest post office and submitting his identity and address documents. The only disadvantage of this scheme is that the income received under Kisan Vikas Patra is taxable. Income earned through this bond will be treated as income earned through other sources and will be taxed. Investors in National Savings Bond Schemes are taxable up to Rs 1.5 lakh per annum under Section 80C of the Income Tax Act.