The kisan vikas patra scheme was launched by Indian Government in the year. This scheme was mainly launched for the investors who did not have any access and means to another investment in finance. It is has some of the similarities to the saving scheme launched by Indian government, there are some changes in the tenure and interest rate. When the tenure completes the investment gets doubled and there are no deduction in income tax and it has a taxable interest.
Kisan Vikas Patra Yojana
Individuals can look after it as an option for investment for people searching for security in investment and over NSC an PPF.
Some prime features of Kisan – Vikas – Patra Scheme:
- This investment scheme is very safe for small and middle income group.
- This scheme has been provided 8.67% of interest money and the interest amount will be given with the annual amount of your main investing money.
- One amazing feature is that your investing money will be double within 8 years 4 months or 100 months.
- You can purchase this “Kisan Vikas Patra” (KVP) Scheme from your nearest post office and this Scheme also made to available on your nationalized banks.
- The re – launching KVP Scheme will able in minimum categories of investments without any upper celling of investments. The minimum amounts of investments are Rs. 50,000, 10,000, 5,000, and 1,000.
- You can easily buy the “Kisan Vikas Patra” (KVP) Scheme certificates within your joint or single names.
- As a security you can always pledge Kisan Vikas Patra (KVP) Scheme certificates to get a loan from any other banks.
- Only individuals can invest on the “Kisan Vikas Patra” (KVP) Scheme. You can invest in the favor of a minor. But any HUFs, NRIs, Companies, etc can’t buy the “Kisan Vikas Patra” (KVP) Scheme certificates.
- You can get available the nomination facility on Kisan Vikan Patra (KVP) Scheme.
- Anywhere in India you can transfer the KVP (Kisan Vikas Patra) Scheme certificates from one to another post office.
- Rules of “Know Your Customer” (KYC) are definitely applicable on your Kisan Vikas Patra (KVP) investments. You just submit your documents which are required when you invest in KVP Scheme.
Kisan Vikas Patra Scheme vs Bank Fixed Deposits:
- The recent interest rates on RBI fixed deposits for 96 months or 8 years term are around 9%, it is only for senior citizens.
- Under the section 80c, Kisan Vikas Patra Scheme investors are not compatible for any tax benefits. When you want a safe investment way then you can book bank fixed deposits of 5 years and receive tax benefits.
- Lock-in period is applicable for Kisan Vikas Patra (KVP) and it does not have any tax deposits.
- If your priority is safe then you can definitely consider to investing in PPF (Public Provident Fund) and the 15 years lock-in will avail in this scheme.
- You can get tax benefits under the section 80c, when you can consider to investing NSC (National Savings Certificate – 5 years) and it will able at 8.5% interest rates.