Kisan Vikas Patra is a notable savings certificate scheme that was first introduced by India Post in 1988. Kisan Vikas Patra is the central government's initiative to encourage small savings.
In the Kisan Vikas Patra scheme, your money will double in ten years. Kisan Vikas Patra also allows investors to exit early and still get a high return.
Kisan Vikas Patra is one of the Indian Post Office's various initiatives in which your money may double in 124 months.
What are the benefits of Kisan Vikas Patra Scheme?
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The scheme is presently paying 6.9 percent interest.
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You can invest as little as Rs 1000 and there is no maximum limit.
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A single or joint account can be created if you are 18 or older.
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After investing, you will be unable to withdraw funds from this account for at least two and a half years.
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Kisan Vikas Patra also gets income tax exemption.
Adults can purchase KVP certificates for themselves, and adults can purchase them for minors. Aside from that, it can also be transferred from one individual to another, as well as from one post office to another. The post office rules allow it to be redeemed after two and a half years of purchasing the KVP.
How To Apply For Kisan Vikas Patra Scheme?
The procedure for investing in the Kisan Vikas Patra online scheme is simple. The steps outlined below can be taken:
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The KVP application form, Form-A, must be collected from the post office.
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Fill out the form with all of the necessary information and return it to the post office.
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If the investment is made with the assistance of an agent, a second form must be completed and filed. Form-A1 must be completed by the agent.
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Both forms, Form-A, and Form-A1 are also accessible for download on the official website. The forms can be downloaded, filled out, and submitted online.
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For the Know-Your-Customer (KYC) process, you will be needed to provide a copy of one of your identity proofs.
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You can use an Aadhaar Card, a Driving Licence, a Passport, a Voter ID Card, or a PAN Card.
Once the documents you submitted are confirmed and the relevant deposits are paid, your KVP Certificate will be issued. You could also choose to get the KVP Certificate through email. In such a scenario, the certificate will be emailed to you at your registered email address.
