How your Money Get Doubled with Kisan Vikas Patra?
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How your Money Get Doubled with Kisan Vikas Patra?
Kisan Vikas Patra is a savings scheme was launched in April, 1988 and money used to get doubled in 5.5 years. However, the scheme was discontinued in November 2011. Now Government is again planning to relaunch to encourage small savings in the country that doubles the small investors money in 100 months (8Years and 4 Months).Finance Minister Arun Jaitely will be relaunching KVP Scheme tommorow.
Kisan Vikas Patra can be purchased from any Post Office by filling a form and depositing the amount in cash or by cheques or demand drafts with the filed form and your photographs. The Post Office will issue a Certificate called Kisan Vikas Patra with your name, amount, date of maturity and amount on the date of maturity.
Who is Eligible to Invest?
Kishan Vikas Patra Will be available in the denomination of Rs 1,000; 5,000; 10,000 and 50,000 with a minimum lock-in period of 2.5 Years and one can extend the lock-in period with 6 month steps on pre-determined maturity value. The certificates can be issued in single or joint names and can be transferred from one person to any other person / persons, multiple times. However company or institutions. NRIs or HUF (Hindu Undivided Family) are also not eligible to invest in KVP.
The facility of transfer from one post office to another anywhere in India and of nomination will be available.
One can pledge this security to avail to avail loans from the banks. It is also stated that initially the certificates will be sold through post office later it can be extended to the investing public through designated branches of nationalized banks.
What Government will do with the Collected Money?
The collections under the scheme will be available with the Government which will be utilized in financing developmental plans of the Centre and States and will also help in enhancing domestic household financial savings in the country, it said.
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U missed one most important thing ….Tax on it after the money is doubled. Is their any tax the individual has to pay on maturity.
No income tax benefit is available under the scheme. However the deposits are exempt from Tax Deduction at Source (TDS) at the time of withdrawal.
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