Kisan Vikas Patra scheme offered by Post Office is a profitable investment choice for customers. With this scheme, your investment doubles in 115 months. Customers can open an account and start with investments of Rs 1000.
One of the best advantages of investing in Post Office schemes is that there is no risk associated with market fluctuations. These schemes offer fixed interest rates with reliable returns.
Kisan Vikas Patra scheme offered by Post Office is a profitable investment choice for customers. With this scheme, your investment doubles in 115 months.
Deposits
Customers can open an account and start with investments of Rs 1000. There is no maximum limit for investment in this scheme.
For deposits exceeding Rs 50,000 in this scheme, a PAN card is mandatory. Additionally, for investments exceeding Rs 10 lakh limit, an income certificate will need to be submitted.
Eligibility
Any Indian citizen who is at least 18 years old is eligible to invest in the Kisan Vikas Patra scheme. In the case of minors or people with mental challenges, an adult can invest on their behalf. However, NRIs are not eligible for this scheme.
To invest in this scheme, follow these steps:
• Visit your nearest post office and procure Form A for the scheme. Fill out the form.
• Attach address proof documents.
• Submit the form along with the required documents for verification.
• Once the documents are verified, deposit the investment amount via cheque or money draft.
• You will receive a Kisan Vikas Patra certificate.
Interest rate and tax exemptions
Kisan Vikas Patra offers attractive interest rate of 7.5 percent. For any inquiries or assistance, please contact the helpline at 1800 266 6868.
This scheme also provides tax exemptions in deduction under 80C of the Income Tax Act. However, it’s important to note that the interest income earned from KVP is fully taxable. A 10 percent TDS is also deducted annually on the interest accrued.
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