Post Office Scheme: Post Office is running many small savings schemes. It is completely safe to invest in it. Investors are getting very good interest in these schemes. At the same time, a scheme is also run by the post office in which the money is doubled.
The name of this post office scheme is Kisan Vikas Patra. Currently, 7.5 percent annual interest is available on Kisan Vikas Patra. This rate is equal to the 5 year time deposit scheme of the post office. According to the current interest rate, the money in Kisan Vikas Patra Scheme is doubling in 115 months i.e. 10 years and 3 months. Here we are telling you about the advantages and disadvantages of investing in Kisan Vikas Patra.
the money will have to be deposited together
Kisan Vikas Patra is a scheme of the Government of India in which money has to be invested together. Here your money doubles in a fixed period. Kisan Vikas Patra is available in all post offices and big banks of the country, that is, you can invest money anywhere. The central government had increased the interest on Kisan Vikas Patra from 7.2 percent to 7.5 percent annually from April 1, 2023.
Who can invest?
The person investing in Kisan Vikas Patra must be at least 18 years of age. Apart from single account, joint account service is also available. At the same time, this scheme is also available for minors. Parents have to take care of the minor account. This scheme is also applicable for Hindu Undivided Family i.e. HUF or Trust except NRIs. To invest in it, certificates of Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000 are available, which can be purchased.
There is no tax benefit on KVP interest.
You will have to pay tax on the interest received on investing in Kisan Vikas Patra. Whereas under Section 80C of the Income Tax Act, you do not get any tax benefit on the money deposited in this scheme.