Kisan Vikas Patra is a scheme for people which help them in saving. It facilitates the people to spend in saving the plan for a long duration. KVP came to effect by the central government of India in 188. Al change and modification came to effect in 2014. This scheme was very popular but could be a threat to the economy of India. In 2011 a committee of the government suggested that KVP can be a misusing tool for money laundering.
Kisan Vikas Patra has been reintroduced again in 2014 with few changes. If an investment is over 50,000 then investors will have to give your PAN card. Investments over 10 lakhs need income source proof. The Interest rate of Kisan Vikas Patra 2018 is 8.7%. KVP has become a popular investment. It has almost zero risks and guaranteed return. The target area of Kisan Vikas Patra 2018 is people from urban and Semi-rural. Yet, the government has lowered the interest rate to 7.8%.
Eligibility Of Kisan Vikas Patra
Below here are few benefits of Kisan Vikas Patra. Read them
- The applicant or investor must be from India and an Indian resident as well.
- The applicant can apply for Kisan Vikas Patra in his own name or on behalf of any minor.
- Trusts and Organisation are also eligible to invest in Kisan Vikas Patra. But, the NRIs and Hindu Undivided Families are not allowed to invest in Kisan Vikas Patra.
Types Of Kisan Vikas Patra
Kisan Vikas Patra has the following types.
Single Holder Certificate: An important one indeed. This type is basically issued for adult or for any minor. It can also be issued on behalf of any minor.
Joint A Type Certificate: This certificate has two holders. Two adults jointly can have the certificate. The amount will be paid to the survivors or both the owners if alive.
Joint B Type Certificate: This type of Kisan Vikas Patra is issued to two adults. The amount is payable to any one of the KVP holder or the survivor.
Benefits Of Kisan Vikas Patra
The introduction of Kisan Vikas Patra is like a boon to all the people from urban and semi-rural areas. Here are few benefits of Kisan Vikas Patra Karnataka that one should know
- The government offers the Kisan Vikas Patra certificate in many denominations. The reason is to provide flexibility to the customer.
- Since this scheme is from the central government, people can trust it fully. The investors are sure about the return. The holder will get double of the principal amount in 8 years and four months.
- People will not invest in option which is full of risk. It is also free from inflation because the interest rate is same always.
- One can invest whatever amount they want to in Kisan Vikas Patra. The person will get any amount due to the purchasing power.
- One can present the Kisan Vikas Patra certificate as collateral against a loan. Investors can also use this certificate to take out a loan from banks.
- The investors are also allowed to withdraw the money prematurely. This is one of the benefits of Kiran Vikas Patra. The period of lock-in is basically 2 years and six months.
So, those are the related benefits of Kisan Vikas Patra, folks.
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