Kisan Vikas Patra (KVP): Your investment amount will double in these many years
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Kisan Vikas Patra (KVP)
Kisan Vikas Patra is a small savings tool that helps individuals invest in long-term savings plans. It is a popular financial tool since it is low-risk and offers guaranteed profits. Any investment made into a KVP account will double in value after 9 years, 7 months.
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KVP taxation
The returns are entirely taxable because KVP is not eligible for 80C deductions. On the other hand, withdrawals made after the scheme's maturity are exempt from Tax Deducted at Source (TDS)
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Premature closure
-> KVP may be prematurely closed any time before maturity subject to the following conditions : -
(i) On the death of a single account, or any or all the account holders in a joint account
(ii) On forfeiture by a pledgee being a Gazette officer.
(iii) When order by court.
(iv) After 2 years and 6 months from the date of deposit.
(i) On the death of a single account, or any or all the account holders in a joint account
(ii) On forfeiture by a pledgee being a Gazette officer.
(iii) When order by court.
(iv) After 2 years and 6 months from the date of deposit.
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KVP Investment amount
The minimum investment can be made of Rs. 1000 and in multiple of Rs. 100 . There is no maximum limit.
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KVP interest rate
The interest rate offered on KVP for this quarter is 7.5 % which is compounded annually. The interest rates for the scheme may be reviewed by Government on quarterly basis.
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Loan against Kisan Vikas Patra
A Kisan Vikas Patra holder can avail a loan against the same in following conditions:
The loan applicant must have a Kisan Vikas Patra under his/ her own name.
The loan can only be availed for business or personal purposes.
The loan and different charges and interest rates will be decided by the bank based on the KVP investment and maturity.
The loan applicant must have a Kisan Vikas Patra under his/ her own name.
The loan can only be availed for business or personal purposes.
The loan and different charges and interest rates will be decided by the bank based on the KVP investment and maturity.
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How to open KVP
Steps to invest in Kisan Vikas Patra and documents required
Fill the duly filled form available at the bank branch, India Post or at site and submit with the necessary deposit.
Documents required for Kisan Vikas Patra - Aadhaar Card, Driving License, Passport, Voter ID as identity & address proofs.
Once the documents are verified, your KVP Certificate will be issued.
Fill the duly filled form available at the bank branch, India Post or at site and submit with the necessary deposit.
Documents required for Kisan Vikas Patra - Aadhaar Card, Driving License, Passport, Voter ID as identity & address proofs.
Once the documents are verified, your KVP Certificate will be issued.