In the Corona period, the 32-year-old scheme of Post Office can be useful for investors looking for safe investment in such a situation. Guaranteed returns are given in this scheme and money doubles in a given time.
The second wave of Coronavirus has once again raised investor concern. The growing case of corona infection has had its impact on the stock market. The stock market has declined and is expected to fall further. In such a situation, the 32-year-old scheme of Post Office can be useful for investors looking for safe investment. Guaranteed returns are given in this scheme and money doubles in a given time. Let’s know everything about this scheme.
The Kisan Vikas Patra (Kisan Vikas Patra) was launched by the Post Office in 1988. Kisan Vikas Patra (KVP) is a good investment for those investors who want guaranteed returns. This is a one-time investment scheme of the Government of India, where your money doubles in a set period of time. Government guarantee is available on post office schemes.
Who can invest
Minors above 10 years of age can open this account in their own name. For children younger than that, the account can be opened in the name of the parent. Apart from this, joint accounts can also be opened with three people.
In how many months, money doubles
The interest rate of Kisan Vikas Patra is 6.9 percent per annum. According to this, your money will be doubled in 10 years 4 months i.e. 124 months. You also get tax benefit on Kisan Vikas Patra. Tax is not deducted at source in this scheme.
How much money can be spent on minimum
According to the information given on the post office website, a minimum investment of Rs 1,000 can be made in it. After this, you can deposit any amount of money in a multiple of Rs 1,00. There is no limit to the maximum limit.
You can withdraw your money from this in Emergency after completing the term of two and a half years on investing in this scheme. If you need money, you can easily get a loan based on it. It can be easily transferred from one investor to another investor and from one post office to another post office.
There is no benefit of tax deduction by investing in it. It is not covered under section 80C. Talk about the rules related to tax on earnings. Income with interest is taxed.
