Kisan Vikas Patra Scheme (Double your money on Maturity)

 

Kisan Vikas Patra:

Kisan Vikas Patra is a small saving certificate scheme in 1988. Its primary goal is to encourage long-term financial discipline in people. 

Types of KVP Certificates:

A Kisan Vikas Patra certificate is of 3 types:

• Single Holder Type Certificate: This kind of certificate is issued to an adult for self or on behalf of a minor or to a minor.
• Joint ‘A’ Type Certificate: This type of certificate is issued jointly to two adults, payable to both the holders jointly or to the survivor.
• Joint ‘B’ Type Certificate: This type of certificate is issued jointly to two adults, payable to either of the holders or to the survivor.

Eligibility:

Any Indian citizen above the age of 18 years can buy a Kisan Vikas Patra from the nearest post office.  An HUF or an NRI is not eligible for this scheme.

Benefits of Kisan Vikas Patra: 

Guaranteed returns

Capital protection

Interest

 The current interest rate is 6.9% p.a. for the quarter starting from 1 January 2021 to 31 March 2021, compounded yearly. By compounding the interest, you will receive more returns on your deposit.

Maturity period:

The maturity period for Kisan Vikas Patra is 124 months and you can avail the corpus then. Though the account matures after 124 months, the lock-in period is 30 months. 

Loan against KVP certificate

You can use your KVP certificate as collateral or security to avail secured loans. The interest rate is comparatively lesser for such loans.

Nomination facility Available for KVP scheme

KVP is a low-risk scheme with gaurenteed benefits for your investment.