Kisan Vikas Patra-Double Your Money Scheme! Must know these important KVP details
Kisan Vikas Patra (KVP) is considered as one of the best small savings schemes for investors.
Kisan Vikas Patra (KVP) is considered as one of the best small savings schemes for investors. The saving certificate scheme was launched in 1988 by India Post. Kisan Vikas Patra (KVP) is known for its ability to double a one-time investment in a time span of 10 years and 4 months (124 months). Here is everything you should know before purchasing Kisan Vikas Patra (KVP):-
Interest payable, Rates, Periodicity etc.
From 01.04.2020, interest rates are as follows:-
-6.9 % compounded annually
-Amount Invested doubles in 124 months (10 years & 4 months)
Minimum Amount for opening of account and maximum balance that can be retained
- Minimum of Rs. 1000/- and in multiples of Rs. 100/- No Maximum Limit.
- Certificate can be purchased by
(i) a single adult
(ii) Joint A Account (Maximum 3 adults)
(ii) Joint B Account (Maximum 3 adults)
(iv) Minor above 10 years of age
(i) An adult on behalf of a minor.
(ii) A guardian on behalf of a person of unsound mind
-KVP will be issued in the shape of Passbook w.e.f. 01.07.2016
-KVP can be purchased from any Departmental Post office
-Facility of nomination is available
-Certificate can be transferred from one person to another and from one post office to another.
-Certificate can be encashed after 2 & 1/2 years from the date of issue
- Where repayment of the amount, inclusive of interest, under rule 16 has become due has not been made, interest shall be allowed on the amount due for a maximum period of two years from the date of maturity to the date of repayment of the amount subject to the following conditions, namely:-
(a) the interest shall be simple and shall be calculated at the rate applicable from time to time to Post Office Savings Accounts of the type of single of joint account.
(b) For the purpose of payment of interest, any part of the period which is less than one month shall be ignored.
(c) The interest shall be paid to the depositor in lump sum at the time of repayment of the amount due.
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