Post Office Small Saving Scheme: By investing in this small savings scheme of the post office, the money is doubled with government guarantee. Profits can be taken by investing in it.
Post Office Small Saving Scheme: If you also want to invest in such a place where money is safe and profit is also good, then Post Office is best for you. Investment in Post Office Saving Scheme is a better option for you with zero risk investment. If you want long-term investment, then invest in the Kisan Vikas Patra scheme of the post office.
What is Kisan Vikas Patra Scheme?
Kisan Vikas Patra Scheme is a one-time investment scheme of the Government of India, under which your money is doubled in a certain period. Kisan Vikas Patra is present in all the post offices and big banks of the country. Its maturity period is currently 124 months. At least 1000 rupees have to be invested in this. There is no maximum investment limit under this. Investments are made in the form of certificates in Kisan Vikas Patra (KVP). There are certificates up to Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000 that can be purchased.
There is no investment limit in this scheme, so there is a risk of money laundering as well. Therefore, the government has made PAN card mandatory for investment of more than Rs 50,000 in it. Along with this, Aadhaar also has to be given in the form of identity card. If you invest 10 lakh or more in this, then you will also have to submit income proof, such as ITR, salary slip and bank statement.
How to buy Certificate
- Single Holder Type Certificate: It is purchased for self or for a minor
- Joint A Account Certificate: It is issued jointly to two adults. Payment is made to both the holders, or whoever is alive.
- Joint B Account Certificate: It is issued jointly to two adults. Pays to either of the two or who is alive.
Features of Kisan Vikas Patra
- This scheme gives guaranteed returns, it is not affected by market volatility. Hence this investment is very safe.
- In this, after the end of the period, you get the full amount.
- In this scheme, tax exemption is not 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, but the lock-in period is 30 months. Prior to this, you cannot withdraw money from the scheme until the death of the account holder or a court order.
- It can be invested in denominations of 1000, 5000, 10000, 50000.
- You can also take a loan by keeping Kisan Vikas Patra as collateral or as collateral.