Investors in the Post Office Kisan Vikas Patra (KVP) scheme can get 8% annual compound interest. Any citizen over 18 years of age and children over 10 years old can invest in this scheme.
If you want safe and good returns in the long term, you can choose some post office schemes. Investors are getting more interest benefits in many post office schemes compared to bank fixed deposits (FD).
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Popular schemes
Sukanya Samriddhi Yojana, Public Provident Fund, and Senior Citizen Savings are some popular schemes where interest benefits of 8% or more are available.
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Kisan Vikas Patra
There are some similar schemes in the post office. Among these is the Kisan Vikas Patra scheme, where investors have to pay 8% annual compound interest.
One of the most trusted schemes of the post office is the Kisan Vikas Patra scheme. Your money is completely safe in it. Besides, its return is also fixed. Any citizen over the age of 18 can open an account in this scheme. Not only that, 3 people can open a joint account together. You can start this scheme with 1 thousand rupees. There is no limit to the maximum investment.
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How does this scheme work for children?
Another great feature of the Kisan Vikas Patra project is that any child over 10 years of age can also invest in it. According to the rules, parents can take the KVP project on behalf of the child. The maturity period of this project has been fixed at 10 years, but if necessary, premature withdrawal can be made after 2 years and 6 months. There is also a nominee option. Through this, your family can also benefit from your investment.
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How much money will you get on maturity if you invest Rs 1 lakh in this project?
If you invest Rs 1,00,000 in the Post Office Kisan Vikas Patra project, then on maturity this amount will reach close to Rs 2 lakh. Similarly, after investing Rs 5,00,000 lakh, you will get around Rs 10,00,000 lakh.
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Will there be tax exemption in the Kisan Vikas Patra project?
This post office scheme is under the Income Tax Department Act of 1961. In such a situation, tax exemption can be availed under section 80C. If you have invested Rs 50,000, then you have to verify your PAN card for that. Loans can also be taken by mortgaging this scheme.
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How to buy Kisan Vikas Patra Scheme?
To buy the Kisan Vikas Patra scheme, you need to go to your nearest post office or any public sector bank branch. From there, take the Kisan Vikas Patra scheme form and fill it out correctly. Put your signature or thumb impression on your passport-size photo and submit the form along with photocopies of the required documents. To open this scheme, you can also go to HDFC Bank, ICICI Bank, and IDBI Bank. These three banks provide the facility to open KVP accounts.
