India Post, under the government of India's department of post, apart from offering postal services also provides banking services via network of over 1.5 lakh branches.
Kisan Vikas Patra (KVP) Accounts among various saving schemes provided by the India Post like National Savings Certificate, Public Provident Fund (PPF), Senior Citizens Savings Scheme etc.
offers compound interest on sum invested and the principal amount invested in Kisan Vikas Patra Accounts doubles in 112 months, India Post noted on its website www.indiapost.gov.in.
(: Interest Rates On Post Office Fixed Deposit Vs Public Provident Fund Vs Kisan Vikas Patra)Kisan Vikas Patra Interest RateIndia Post offers interest rate of 7.7 per cent on Kisan Vikas Patra accounts and the interest is compounded annually.
The sum invested gets doubled in 112 months.
(: )Kisan Vikas PatraInvestment LimitMinimum of Rs 1,000 can be invested in KVP accounts and in multiples of Rs 1,000 thereof and it has no maximum limit of investment.Kisan Vikas PatraEligibilityKisan Vikas Patra Account can be opened by an adult for himself or on behalf of a minor or by two adults.
The KVP can be purchased at any departmental post office.
Facility of nomination is available and the KVP certificate can be transferred from one person to another and from one post office to another, accoding to India Post.Kisan Vikas Patra MaturityKVP certificate can be encashed after 30 months from the date of issue.Kisan Vikas Patra Tax BenefitInvestments made under the Kisan Vikas Patra accounts qualify for tax benefit under Section 80 C of the Income Tax Act.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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Election results will be out on May 23.