Benefits of Kisan Vikas Patra Scheme
The following are the benefits of Kisan Vikas Patra Scheme:
- Given that Kisan Vikas Patra Scheme is a government initiative and investors get promised returns.
- The programme offers variable denominations ranging from 100 rupees to a maximum of 50,000 rupees.
- KVP offers the same interest rate throughout the year and is a risk-free investment.
- The investment amount is not capped under the scheme.
- With a 2-year and 6-month lock-in period, KVP permits early withdrawal.
- Transfers of the Kisan Vikas Patra are permitted to any other eligible person. Before utilising the benefits, the new holder must complete the necessary paperwork and obtain post office permission.
- For the first quarter of FY 2019–20, the plan is currently offering an interest rate of 7.7%.
- For funds are taken out of KVP after the maturity date has passed, there is no TDS.
Kisan Vikas Patra Scheme
Kisan Vikas Patra Scheme: Kisan Vikas Patra Scheme (KVP) was launched in 1988, to assist poor, vulnerable, rural, and tribal families that lacked access to mainstream banking and financial systems. Farmers are referred to as Kisan in Hindi, whereas development is referred to as Vikas and certificates as Patra. The fact is that it was designed to assist farmers in saving money for the future. No distinction is made between participants from urban and rural regions under the scheme. It was successful in the beginning, but in 2011 it was abandoned as it may be used for money laundering. To address public demand and to resurrect little savings, the Finance Minister declared in 2014–15 that Kisan Vikas Patra (KVP) will be reinstated. This was reintroduced on November 18, 2014, with effect.
In this article, you will read about the Kisan Vikas Patra Scheme, its features, types, eligibility, maturity period, benefits, etc.
Table of Content
- What is Kisan Vikas Patra Scheme?
- Features of the Kisan Vikas Patra Scheme
- Kisan Vikas Patra Rate of Interest
- Types of Kisan Vikas Patra
- Eligibility of the Kisan Vikas Patra Scheme
- Maturity Period of Kisan Vikas Patra Scheme
- Benefits of Kisan Vikas Patra Scheme
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