The Kisan Vikas Patra (KVP) is a popular government-backed investment scheme that offers guaranteed returns. With its attractive interest rate and low-risk profile, KVP is an excellent option for those seeking safe and secure investments.
Key Features of KVP
Guaranteed Returns- KVP offers a guaranteed return of 101%, meaning your investment will double in 115 months.
Flexible Investment- You can start investing with a minimum of ₹1,000 and there is no maximum limit.
High Interest Rate- The current interest rate is 7.5% per annum, which is revised every three months.
Joint Accounts- You can open a joint account with up to three individuals.
Nomination Facility-You can nominate a beneficiary to receive the maturity proceeds.
Early Withdrawal- You can withdraw your investment after 2 years and 6 months, subject to certain conditions.
Extra Benefit
Maturity Period- The maturity period for KVP is currently 115 months (9 years and 7 months).
Interest Payment- Interest is compounded annually and paid on maturity.
Tax Implications- Interest earned on KVP is generally taxable. However, consult with a tax advisor for specific details.
Loan Against Deposits- You can avail a loan against your KVP investment after 2 years and 6 months.
Transferability- KVP certificates are transferable. You can transfer ownership to another person.
Premature Withdrawal- While premature withdrawal is possible after 2 years and 6 months, it may attract a penalty.
How To Apply
Visit a Post Office-Locate your nearest post office branch.
Obtain the Application Form- Request the KVP application form (Form A) from the post office. You can also download it online from the India Post website.
Fill in the Form- Complete the application form with accurate information, including your personal details, investment amount, and nominee information.
Submit Required Documents- Provide the necessary documents, such as your Aadhaar card, PAN card, address proof, and passport-sized photograph.
Make the Deposit- Pay the desired investment amount in cash, cheque, or demand draft.
Receive the KVP Certificate- Once your application is approved and the payment is verified, you will receive a KVP certificate.
The Kisan Vikas Patra is a reliable and profitable investment option that offers a secure and guaranteed return. With its attractive features and government backing, KVP is an excellent choice for individuals looking to grow their wealth.
Asit Kr. Das
Author at TimesBull covering breaking news and current affairs.
