Post Office Small Saving Scheme: Everyone wants their money to be invested in such a place where the profit is doubled as soon as possible. But at the same time, its security also matters. If you want big returns by taking a risk then Equity Mutual Fund is a good option, but if you want to invest with zero risks then Post Office Savings Scheme is a better option. If you want a long-term investment, then the Kisan Vikas Patra (KVP) scheme of the post office is good. Let us know about this superhit scheme.
What is Kisan Vikas Patra Scheme
Kisan Vikas Patra Scheme is a one-time investment scheme of the Government of India, under which your money is doubled in a fixed period. Kisan Vikas Patra is present in all post offices and big banks of the country. Its maturity period is currently 124 months. At least 1000 rupees have to be invested in this. There is no limit on the maximum investment under this. Investment is made in the form of a certificate in Kisan Vikas Patra (KVP). There are certificates up to Rs 1000, Rs 5000, Rs 10,000, and Rs 50,000, which can be purchased. It is worth noting that post office schemes get government guarantees, so there is no risk in it.
There is no investment limit in this scheme, so there is also the risk of money laundering. Therefore, the government has made PAN cards mandatory for investments of more than Rs 50,000. Along with this, Aadhaar is also to be given as an identity card. If you invest 10 lakh or more in this, then you will also have to submit income proof, such as ITR, salary slip, and bank statement.
How to buy a certificate
1. Single Holder Type Certificate: It is purchased for self or for a minor
2. Joint A Account Certificate: It is issued jointly to two adults. Payment is made to both the holders, or whoever is alive.
3. Joint B Account Certificate: It is issued jointly to two adults. pays to either one or the one who is alive
Features of Kisan Vikas Patra
1. This scheme gives guaranteed returns, it is not affected by market fluctuations. So this investment is very safe.
2. In this, after the end of the period, you get the full amount.
3. In this scheme, tax exemption is not available under section 80C of Income Tax.
4. The return on this is fully taxable. There is no tax on withdrawal after maturity.
5. You can withdraw the amount on maturity, but its lock-in period is 30 months. Before this, you cannot withdraw money from the scheme, unless the account holder dies or there is a court order.
6. In this one can invest in denominations of 1000, 5000, 10000, 50000.
5. You can also take a loan by keeping Kisan Vikas Patra as collateral or as security.