Kisan Vikas Patra
Kisan Vikas Patra or KVP is a scheme which doubles the money invested in a time span of eight years and seven months. The minimum limit of money to be invested under this scheme of Kisan Vikas Patra is Rs. 100/-, however, there is no limit to the maximum investment. Any additional investments over and above Rs. 100/- is to made in multiples of Rs. 100/-. The scheme is available all throughout the year. The mode of operating KVP can either be single or join (with two or more investees), or minor with parent/guardian. In addition to this, any individual or body corporate can purchase a Kisan Vikas Patra by applying to the Post Office either with the help of a representative or with the help of an agent. The tenure of investment of this scheme is eight years and seven months.
As regards nominee, this facility can be availed at the time of opening of the account or at any time during the tenure of investment. If in case the investor/investors wish to withdraw the amount prior to its maturity, then the same can be done only after a time period of 2 and a half years starting from the date of investment. Also, if withdrawn prematurely, loser interest might be accrued. On maturity the money can be claimed by providing the proper identity of the investor/investors and also by discharge of the Kisan Vikas Patra certificate on the reverse.
Check out the features and Interest rates of Kisan Vikas Patra here
On maturity, KVPs can be submitted only at the Post Office where the same has been issued. If in case the Kisan Vikas Patra certificate has been lost then after the conduct of proper verification, a duplicate Kisan Vikas Patra certificate will be issued to the investor/investors. Similar is the case when the Kisan Vikas Patra certificate is lost due to theft, fire or if the certificate is mutilated. As per the Income Tax Act, no tax benefits are available for the investors under this Kisan Vikas Patra scheme. Kisan Vikas Patra is a good scheme for all retired persons who might be requiring financial support at a later date and also for those who are not having taxable income.