In this work, post office schemes have emerged as the most profitable option. People have had faith in these schemes for years.
What can be better than to not only increase your earnings safely but also double. But in the pursuit of doubling the income, the common man gets caught in the web of chit fund companies and loses everything. In such a situation, everyone wants to invest money in such a place where you can also benefit and investment is also safe.
In this work, post office schemes have emerged as the most profitable option. People have had faith in these schemes for years. These schemes do not promise huge investments like today’s times, but due to being safe, everyone trusts them. Especially if you are thinking of making long term investment, then the Kisan Vikas Patra (KVP) scheme of the post office can be the best option.
Better option is Kisan Vikas Patra
Kisan Vikas Patra is a one time investment scheme of the post office. This scheme promises a fixed return on your money after a certain period of time. You can buy Kisan Vikas Patra from any post office. Its maturity period is now 124 months i.e. about 10 years. You have to invest at least 1000 rupees. There is no maximum investment limit. At present, on Kisan Vikas Patra, you get an annual compound interest of 6.9%. You can buy certificates up to Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000.
can buy in three ways
1. Single Holder Type Certificate: This type of certificate 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. Either one is paid or the one who is alive does
not get tax exemption.
In this, tax exemption is not available under section 80C of Income Tax. The return on this is fully taxable. There is no tax on withdrawal after maturity. You can withdraw the amount on maturity i.e. after 124 months, but its lock-in period is 30 months.
How to open account?
You can open an account at any post office by filling up the form. The full name, date of birth and address of the nominee should be written on the form. The amount of purchase amount should be clearly mentioned in the form. The amount of KVP form can be paid through check or cash. If paying through cheque, please write the check number information on the form. On submission of the form, you will get the Kisan Vikas Certificate with the name of the beneficiary, date of maturity and maturity amount.
