Kisan Vikas Patra (KVP) is one of the best small savings schemes the Post Office offers. Currently, it offers an interest rate of 7.5% compounded annually. KVP will take 115 months or 9 years and seven months to double your money at the current interest rate.
KVP is a risk-free investment option offered by the Indian post office, which is a preferred choice for many people in the country. It is a good option for those looking for long-term investment.
Know when your money will get doubled with KVP scheme
It doubles a one-time investment in approximately 9 years and 7 months . For instance, a Kisan Vikas Patra for ₹50,000 will get you a corpus of Rs1,00,000 post-maturity.
Here are more details about Kisan Vikas Patra.
KVP: Account opening
A single adult, or a joint account with up to three adults can open a KVP account. A guardian on behalf of a minor or on behalf of a person of unsound mind can also open an account. A minor above 10 years can get his KVP account in his or her own name An eligible person can open any number of accounts.
KVP: Minimum and maximum limit
Premature closure of account
KVP may be prematurely closed at any time before maturity if the following conditions are true:
- On the death of a single account, or any or all the account holders in a joint account
- On forfeiture by a pledgee being a Gazette officer
- When ordered by a court
- After 2 years and 6 months from the date of deposit
- Transfer of account from one person to another person.
KVP may be transferred from one person to another person on the following conditions only.
- On the death of the account holder to nominee/legal heirs.
- On the death of the account holder to the joint holder(s).
- On order by the court.
- On pledging of account to the specified authority.
KVP does not qualify for deductions under Section 80C of the Income Tax Act. The returns on Kisan Vikas Patra investments are taxable.
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Published: 20 Dec 2023, 09:42 AM IST