What are the benefits of Kisan Vikas Patra?
What are the benefits of Kisan Vikas Patra?
Kisan Vikas Patra is a certificate scheme from the Indian post office. It doubles a one-time investment in a period of approximately 10 years & 4 months (124 months) if you purchase the certificate between 1 July 2021 and 30 September 2021. For instance, a Kisan Vikas Patra for Rs. 5000 will get you a corpus of Rs.
What is meant by Kisan Vikas Patra?
Definition: The Kisan Vikas Patra is a government small saving scheme offered by the department of posts, which guarantees that the amount invested gets doubled in 110 months, i.e. 9 years and 2 months. Thus, the purpose of Kisan Vikas Patra scheme is to mobilize the savings of the small investors.
Is Kisan Vikas Patra a bond?
Kisan Vikas Patra (KVP) is a savings scheme available at India Post Offices in the form of certificates. It is a fixed rate small savings scheme designed to double your investment after a predetermined period of time (124 months in the currently available issue).
When was KVP started?
1988
A savings certificate scheme, Kisan Vikas Patra (KVP) was originally launched in the year 1988 by India Post. This is basically the Indian Government’s initiative to encourage small savings in the country for the investor’s secure future.
How many KVP can be purchased?
1000, there is no maximum limit fixed. This saving schemes certificate can be purchased by an adult for themselves or on the behalf of a minor. It can also be purchased by 2 or more adults. This certificate can only be encashed after a minimum of 2 and a half years.
Which is better NSC or Kisan Vikas Patra?
NSC Vs KVP: Which Saving Scheme is Better? NSC, known as National Saving Certificate, is a savings instrument that offers the benefit of Investing as well as tax Deduction. On the contrary, Kisan Vikas Patra (KVP) does not offer benefits of tax deduction.
Which banks sell KVP?
Here are the list of banks where you can take a Kissan Vikas Patra or KVP.
- State Bank of India.
- State Bank of Patiala.
- Punjab National Bank.
- Bank of Baroda.
- State Bank of Bikaner and Jaipur.
- State Bank of Patiala.
- Allahabad Bank.
- Andhra Bank.
Can KVP be purchased online?
Application: A KVP certificate cannot be purchased online. The application form for a certificate can be found online. It is known as Form A. Download the form and fill up the details.
WHO launched Kisan Vikas Patra?
India Post
Kisan Vikas Patra is a saving certificate scheme which was first launched in 1988 by India Post. It was successful in the early months but afterwards the Government of India set up a committee under supervision of Shyamala Gopinath which gave its recommendation to the Government that KVP could be misused.
What if Kisan Vikas Patra holder dies?
Premature Encashment of Kisan Vikas Patra Certificate – The certificate can also be encashed before the completion of the maturity under certain circumstances such as the death of the holder or any of the holders in case of a joint holder, when ordered by a court of law or on forfeiture by pledge being a Gazetted …
What is the tax rate for Kisan Vikas Patra?
Tax on Kisan Vikas Patra The amount invested in KVP does not offer any tax deductions under Section 80C. Even the interest earned on KVP is exempted from income tax and TDS of 10% is deducted from interest.
Is KVP better than FD?
Under the new KVP scheme, the money invested in in KVPs will double in 100 months, or eight years and four months. This means an annual return of 8.67 per cent. Bank fixed deposits currently offer around 9 per cent on more than 1-year fixed deposits.
