What is Kisan Vikas Patra (KVP) this is what i am going to explain you in details in Hindi.
Kisan Vikas Patra is a saving certificate scheme which was first launched in 1988 by India Post.
Government of India decided to close this scheme thought of people can misuse this and KVP was closed in 2011 and the new government relaunched it in 2014.
After relaunching it in 2014 PAN number become mandatory if invested amount is greater than Rs. 50000
Eligibility
1. Candidate must be an adult and Indian Resident.
2. HUFs (Hindu Undivided Family) and NRI are not eligible to invest in this.
3. Applicant can apply this on his own name or on behalf of minor.
4. Two adults jointly
5. Trusts are eligible to invest.
Benefits of Kisan Vikas Patra
1. Amount Invested matures in 113 months. (As per current ROI in May 2017)
2. Rate of Interest 7.6%. (Current May 2017 – Check link for latest ROI https://www.indiapost.gov.in/Financial/Pages/Content/KVP.aspx)
3. Certificate can be purchased by an adult for himself or on behalf of a minor or by two adults.
4. KVP can be purchased from any Departmental Post office.
5. Facility of nomination is available.
6. Certificate can be transferred from one person to another and from one post office to another.
7. Certificate can be encashed after 2 & 1/2 years from the date of issue.
Kisan Vikas Patra is available in denominations of Rs 1,000, 5000, 10,000 and Rs 50,000
Minimum Deposit will be Rs.1000 and we have no maximum limit.
Deduction under section 80C is not allowed on this investment. TDS is not deductible on Interest on KVP.
Documents Required:
Investor will have to undergo Know Your Customer (KYC) formalities at the time of application.
Investor should have to submit the following documents for identity:
1) Passport size photo
2) Identity Card any one of the following i.e. Election card, Ration Card, Passport, Driving License, etc.
3) Address Proof any one of the following i.e. Light bill, Telephone bill, Bank passbook etc.
4) Copy of PAN card is necessary if investment is above Rs. 50,000/-.
Kisan Vikas Patra (KVP) is available in Post Offices. In future, KVP might be available in banks which will be authorized for handling small savings schemes.
Please watch the complete video for proper understanding.
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