Is Kisan Vikas Patra Safe?

Is there any tax on Kisan Vikas Patra?

Yes, interest earned on KVP is taxable as per you tax slab.

Tax Deduction at Source (TDS) is not applicable for investment in KVP.

At maturity, you can redeem the maturity proceeds (principal + interest) by approaching your post office or bank from where you have purchased the KVP certificate..

Who is eligible for Kisan Vikas Patra?

Any Indian citizen above the age of 18 years can buy a Kisan Vikas Patra from the nearest post office. People from rural India (with no bank account) find this particularly appealing. You can also buy one for a minor or jointly with another adult.

What is the lock in period of Kisan Vikas Patra?

The Kisan Vikas Patra is a saving scheme that aims to double your money in 100 months, which will be 8 years and 4 months. KVP is available in the denominations of Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000, and have no maximum limit on investment. The lock-in period of KVP is 2 years and 6 months.

How can I withdraw my Kisan Vikas Patra after maturity?

Have original Kisan Vikas Patra (KVP) certificate with you, and keep one identity proof copy with you.Go to postoffice from where you have purchased Kisan Vikas Patra (KVP) certificate. Hand over these documents, and took cheque of your full maturity amount from post master.

How can I find my lost Kisan Vikas Patra?

In case the KVP certificate is lost destroyed or damaged by the account holder, then he/she can apply for a duplicate copy of it at the post-office from where the certificate was issued. The application should include information such as amount, certificate number, explanation of loss or destruction and date.

Can I buy KVP from SBI?

If you have a Savings account with Bank/Post office, you can buy NSC or KVP certificates in e-mode. You should have access to internet banking. … Minimum amount that can be invested in NSC is Rs 100. Minimum amount that can be invested in KVP is Rs 1,000.

Which post office scheme is best?

3. Comparison of the various Post office savings schemesSchemeInterest RatePost Office Monthly Income Scheme Account (MIS)7.6% per annum payable monthlySenior Citizen Savings Scheme (SCSS)8.6% p.a. (Compounded annually)15-year Public Provident Fund Account (PPF)7.9% p.a. (Compounded annually)5 more rows•Nov 4, 2020

Is Kisan Vikas Patra a good investment?

The lock-in period of the Kisan Vikas Patra is fairly high as compared to the Normal Bank Fixed Deposits which can be broken any time with a small penalty. Therefore, for the above 4 Reasons it is not advisable to be investing in the Kisan Vikas Patra as there are better alternatives available.

What happens if Kisan Vikas Patra is lost?

If the Kisan Vikas Patra (KVP) is lost, stolen, destroyed, mutilated or defaced, the rightful owner of such KVP may apply for the issue of a duplicate KVP to the Post Master of post office, where the certificate is registered or issued.

Which is better KVP vs FD?

Under the new KVP scheme, the money invested in in KVPs will double in 100 months, or eight years and four months. This means an annual return of 8.67 per cent. … Bank fixed deposits currently offer around 9 per cent on more than 1-year fixed deposits.

Can I withdraw KVP from any post office?

While individuals can withdraw their KVP certificate at any time according to their convenience, Kisan Vikas Patra premature withdrawals are subject to additional penalties based on the time period after which it is withdrawn from the date of issue. … You can purchase a KVP certificate from any Departmental Post Office.

Is NSC better than PPF?

As far as the interest is concerned, PPF interest is tax-free, whereas, NSC interest is taxable and will be added to your taxable income. However, the interest in NSC is also eligible for deduction under Section 80C of the Income Tax Act. It is better to pay tax on the accrued interest annually rather than on maturity.

How many years FD will double?

To know the time duration in which your FD amount will get doubled, you have to divide 72 with the highest rate. For example, if the highest rate on FD is 6.95%, then the number of years in which your FD will get doubled is 72/6.95= 10.36. Thus, it will take 10 years for your FD to get doubled.

Which is better NSC or Kisan Vikas Patra?

NSC Vs KVP: Which Saving Scheme is Better? … Both NSC and KVP are schemes promoted by Government of India to help individuals save their money. NSC is a savings instrument that offers the benefit of Investing as well as tax deduction. On the contrary, KVP does not offer benefits of tax deduction.

Can we break Kisan Vikas Patra?

1) KVPs have a lock-in period of 30 months and thereafter it can be encashed in blocks of six months. In case of premature encashment after two-and-a-half years, a person will get ₹1,173 for every ₹1,000 invested. … 3) It can be transferred from one person to another any number of times.

Which bank offers Kisan Vikas Patra?

Union Bank of IndiaKisan Vikas Patra | Union Bank of India.

Which banks sell KVP?

Here are the list of banks where you can take a Kissan Vikas Patra or KVP. State Bank of India. State Bank of Patiala. Punjab National Bank. Bank of Baroda. State Bank of Bikaner and Jaipur. State Bank of Patiala. Allahabad Bank. Andhra Bank.More items…•

Can I buy Kisan Vikas Patra online?

Kisan Vikas Patra Online Application You can pay the amount for the purchase by cash or by cheque. The same needs to be mentioned on the application form. The adult(s) purchasing the KVP should mention their names on the document.