On the off chance that you are intending to put investment into small savings schemes plans, you can think about Kisan Vikas Patra, offered by the Indian Post Office. It is extraordinary compared to other small savings schemes available from the government. Introduced in 1988, the plan offers the total ensured sum in spite of market variances and fluctuations. This specific plan was initially proposed for the farming and agriculture community and the emphasis was on urging them to put something aside for rainy days. Kisan Vikas Patra is essentially a certificate scheme offered by the Post Office of India.
Kisan Vikas Patra Details
Let’s look into the insights concerning the scheme and for what reason should you contribute.
Rate of Interest:
In current times, Kisan Vikas Patra is offering a rate of interest of 6.9 percent that is compounded annually. If you calculate the returns, the scheme actually takes a total of 10 years and 4 months in order to double your investment at the current rate of interest.
Account opening:
Anybody can open a Kisan Vikas Patra account with a base amount of rupees 1,000 and in multiples of rupees 100 from that point. There is no maximum limit to the sum you want to contribute for the scheme. Kisan Vikas Patra can be bought from any Post office department and it also permits the nomination facility.
A Kisan Vikas Patra account can be operated by a single individual or as a shared or joint account with a limit of upto three adults. A guardian for a minor or for an individual with an unsound mind can likewise open an account. Likewise, a minor over 10 years of age can likewise have a Kisan Vikas Patra account in his or her own name.
Closing of Account: Conditions:
You can open quite a few accounts under the Kisan Vikas Patra scheme. Truth be told the account can be closed any time before reaching maturity subject to the accompanying conditions:
- On the demise of a single account, or any or all the holders of the account in a shared or joint account.
- On relinquishment by a pledgee being a Gazette official.
- At the point when requested by court.
- Following two and a half years from the date of deposit.
The account can be transferred or moved starting with one individual then onto the next individual in the accompanying conditions:
- On the demise of account holder to nominee or lawful beneficiaries.
- On the demise of account holder to joint holder.
- On request by the court.
- On vowing of account to the predetermined authority.
