Post Office scheme: Indian Post Office Scheme is a special scheme. Currently, it offers interest at the rate of 6.9 percent on an annual basis. The most special thing about the scheme is that people above 10 years of age can also invest in it. The maturity period for the scheme is about 10 years.
Post Office scheme: If you want guaranteed returns in the long term, then the post office scheme can prove to be better for you. On some schemes of the post office, investors are getting more interest than the fixed deposits (FD) of many banks. Post Office Public Provident Fund (PPF), Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme (SCSS) are some such schemes. Where you can get more than 8 percent return. Another popular scheme is Kisan Vikas Patra (KVP). In which you can avail the benefit of 7.50 percent compound interest annually.
Kisan Vikas Patra is a special scheme of the post office. People like to invest in this scheme with trust. There is no risk of any kind in this scheme. Any adult citizen can open his account. If you want, you can also open a joint account in the name of 3 people. You can invest from Rs 1000. There is no limit on maximum investment.
This is the specialty of the scheme
The biggest specialty of this scheme is that even a child above 10 years of age can invest in it. The maturity period for the scheme is about 10 years, but after 2 years and 6 months you can also make premature withdrawal. There is also a facility of nominee in the scheme. Overall, your money is safe in this scheme and you also get good returns. If you invest Rs 1 lakh in this Kisan Vikas Patra, you will get Rs 2 lakh on maturity. On the other hand, if you invest Rs 5 lakh, you will get a total of Rs 10 lakh on maturity.
Will there be tax exemption?
The Kisan Vikas Patra scheme comes under the Income Tax Act 1961. Hence, tax exemption can be availed under 80C. If you invest more than Rs 50,000 in this scheme, then you will have to share the details of your PAN card. You can also take a loan by using the Kisan Vikas Patra scheme as a guarantee.
How to buy Kisan Vikas Patra?
1 – You have to go to any of your nearest post office branch or government bank.
2 – Then take the Kisan Vikas Patra Yojana application form from here and fill the required information correctly.
3 – Now paste a passport size photo and put your thumb impression or sign and attach the photocopies of all the necessary documents and submit it.
4 – If you want, you can also get more information related to this from the helpline number 1800 266 6868.
5 – Some banks also provide you the facility to open KVP account online such as ICICI Bank, HDFC Bank, IDBI Bank.
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