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Kisan Vikas Patra (KVP) 2023: Eligibility, benefits, and other details here
Kisan Vikas Patra (KVP) 2023: It is a safe mode of investment and not subject to market risks
Kisan Vikas Patra 2023: Kisan Vikas Patra, commonly known as KVP is one of the best small savings schemes offered by the Post Office. At present, KVPs are offering an interest rate of 7.5% compounded annually.
Kisan Vikas Patra 2023: How to Apply
- Submit the duly filled form to the post office or bank.
- The Know Your Customer (KYC) process is mandatory
- You need to submit the ID and address proof copy (PAN, Aadhaar, Voter’s ID, Driver’s License, or Passport).
- Once the documents are verified, you must make the deposit. The payment can be made by cash, cheque, or demand draft.
- In the case of cash, you will get a KVP certificate immediately. You need to keep it safe as you will need to submit this at the time of maturity.
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Kisan Vikas Patra 2023: Benefits
1) Regardless of the market fluctuations, you will get the sum guaranteed.
2) It is a safe mode of investment and not subject to market risks.
3)A KVP account can be opened with a minimum amount of ₹1,000 and in multiples of ₹100 thereafter.
4) There is no maximum limit.
5) A KVP can be opened at any post office.
6) The maturity period for Kisan Vikas Patra is 115 months The maturity proceeds of KVP will continue to accrue interest till you withdraw the amount.
7) You can use your KVP certificate as collateral or security to avail of secured loans.
8) Nomination facility is available
9) As per the current provisions of section 194A of the Income Tax Act, on the maturity of the KVP, no taxes are required to be deducted from the interest income
Kisan Vikas Patra 2023 Eligibility
- An Indian citizen above 18 years of age
- An adult can apply on behalf of a minor or a person of unsound mind
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First Published:29 Nov 2023, 12:55 PM IST
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