If you want to fix money for long time investment in Bank or Postoffice , Postoffice Kisan Vikas Patra known as KVP is best scheme. Below is details for it's maturity period, Interest rate , tax benefit maturity value and lock in period."
What Is Kisan Vikas Patra
Kisan Vikas Patra is post office scheme to double the money . KVP is the best fixed deposit double scheme in post office or bank its maturity period changes time to time by indian government through it's Gazette Notifications.
Minimum Amount for opening of account is only Rs.1000/- and investment can be done in multiple of Rs. 1000/- there is no maximum limit to purchase of KVP.
Is Kisan Vikas Patra a good investment
Kisan vikas patra is a good investment to double the money. There is no risk of money after invest in this scheme. Kisan vikas patra invested amount doubles in 112 months ( 9 years 4 month) from 01.01.2019.
Kisan Vikas Patra Interest Rate
from 01.01.2019 KVP interest rate is 7.7% compounded annually. Kisan vikas patra maturity period is only 112 months . Kisan vikas patra interest rate after maturity is saving bank account interest rate currently 4% as on 01.01.2019 in postoffice.
Kisan Vikas Patra Tax Benefit
Is kvp tax free ? answer is "No" . There is no tax benefit in this scheme under Section 80C of IT Act. It is not a tax saving scheme its only money double scheme of post office. Investment in kisan vikas patra not eligible for 80c. No tax exemption on kisan vikas patra, kvp maturity amount is totally taxable.
How to Purchase KVP From Post office
You may to visit your nearest post office along with 2 photographs and kyc document. Then fill the AOF (Account Opening Form) for CBS Post office and submit on counter . Counter person issue kvp against cash immediately.
Certificate can be purchased by an adult for himself or on behalf of a minor or by two adults.
KVP can be purchased from any Departmental Post office.
Facility of nomination is available.
Nomination is not available for minor account.
Certificate can be transferred from one person to another and from one post office to another.
Certificate can be en cash after 2 & 1/2 years from the date of issue.
KVP can be purchased through SAS agents of postoffice.
KVP can be purchased through SAS agents of postoffice.
How To Encash Kisan Vikas Patra After Maturity
Encashment of kvp is so simple. just visit the kvp issue post office with your kyc document. amount below rs.20000/- payment can be cash , Rs. 20000/- or above payment can be done only by cheque or saving bank account of postoffice. KVP can be encash from another postoffice , before encashment of kvp transfer of certificate is compulsory.
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