About:
Who wouldn’t like to double their money while investing with the highest level of safety? There is one such product offered by the government of India which is the Kisan Vikas Patra. This scheme is run by the India Post Office. The following are allowed invest in the Kisan Vikas Patra post office scheme: 1. Individuals above the age of 18 2. Adults on behalf of minor children 3. Trusts Please note, NRIs and HUFs are not permitted to invest in this scheme. One can apply for a Kisan Vikas Patra in any post office or in selected public or private sector banks. You can invest a minimum of Rs. 1000 in this scheme and it has no upper limit. The interest rate on this scheme has been reduced to 6.90% wef 1st April 2020. The maturity of the Kisan Vikas Patra depends on the time taken for the invested amount to double. At the current rate, the maturity is 124 months. Kisan Vikas Patra scheme has a lock-in of 30 months. There is no tax benefit under section 80C on the Kisan Vikas Patra 2020. The interest received on this account is taxable at the individuals tax slab.
Comments