The maturity period of Kisan Vikas Patra Scheme is 124 months. If someone returns this scheme within a year of purchase, then he will not get the benefit of any kind of interest. This scheme of post office does not come under Income Tax Act 80c.
All the Post Office Schemes, lakhs of citizens of the country have invested their earnings. The post office runs various schemes for its customers. People like to invest in the post office because with good returns in its schemes, the investment amount is also safe. There is a post office scheme, in which a strong return on investment is given. The name of this post office scheme is Kisan Vikas Patra. People also invest in it to double their money. Because of this, this scheme is quite popular.
In how many years does money double?
Interest is available at the rate of 6.9 percent on investment in Kisan Vikas Patra from the post office. Any citizen of 18 years of age or above can invest in this scheme. The minimum investment amount in Kisan Vikas Patra is Rs 1000. No limit has been fixed for the maximum investment. According to the post office, your investment amount in Kisan Vikas Patra doubles in 124 months i.e. 10 years 4 months.
Where will the account be opened for investment?
In Kisan Vikas Patra, any adult account can be opened on behalf of a minor below the age of 10 years. As soon as the minor attains the age of 10 years, the account is made in his name. In this scheme of post office, three people of the age of 18 years or above can open a joint account simultaneously. Benefits can be availed by investing in this scheme in any post office across the country.
Tax to be paid on return
The maturity period of Kisan Vikas Patra Scheme is 124 months. If someone returns this scheme within a year of purchase, then he will not get the benefit of any kind of interest. This scheme of post office does not come under Income Tax Act 80c. Because of this, whatever return you will get on the investment amount, you will have to pay tax on it. However, TDS is not deducted in this scheme.
If you invest more than 50 thousand in Kisan Vikas Patra, then you will have to share PAN card details. You can take a loan through this scheme. You can use Kisan Vikas Patra as a guarantee.
How to invest?
If you want to invest in Kisan Vikas Patra, then you have to go to your nearest post office for this. There, fill the application with the deposit receipt. After this, deposit the investment amount through cash, cheque, demand draft or pay order. Please attach a photocopy of the identity card with the application. After submitting the application and money, you will get the certificate of investment in Kisan Vikas Patra.