Hi Buddy,
You can buy a certificate for a savings programme called Kisan Vikas Patra online for a minimum payment of Rs. 1000. The amount is unrestricted. In 100 months, or 8 years and 4 months, the money invested in the certificate's purchase will have doubled. Based on rate adjustments made by the Ministry of Finance, the KVP maturity period may change. On the issued certificate, the maturity value is, however, pre-printed.
Make wise investments in real estate with verified properties available on NoBrokerNevertheless, the Indian government established a commission, headed by Shayamla Gopinath, that made the recommendation that the KVP might be misused. Following this recommendation, Kisan Vikas Patra was shut down in 2011. KVP was reopened in 2014 under the new administration, which decided to revive this programme.
When thinking about how to purchase Kisan Vikas Patra online? I'd like to draw attention to the fact that there are three distinct ways to get a KVP certificate:
on behalf of an adult
on behalf of a juvenile
through a trust, or by two people purchasing the certificate jointly,
The KVP certificate is sold by each Departmental Post Office. The KVP certificate may also be early cashed after the lock-in period of 2.5 years from the original issue date.
What is the maturity period of Kisan Vikas Patra?The scheme's most recent modifications stated that the maturity period is 10 years and 4 months (124 months). After the scheme's tenure is over, the invested amount will be doubled. As an illustration, if someone invests Rs. 10,000, at maturity they will receive Rs. 20,000.
After understanding the maturity period of KVP, let us focus on the pre-mature withdrawal.
Under the terms of the plan, investors are permitted to withdraw their money at any time, however, there are several restrictions:Within a year, premature withdrawals are not eligible for interest. According to the rules of the plan, the investor would also be required to pay a fine.
After a year and up to 2.5 years, premature withdrawals will still receive interest, albeit at a lower rate.
After 2.5 years, premature withdrawals are not subject to penalties and are instead accrued interest at the appropriate rate.
There are no tax advantages offered by this plan. The interest is paid annually and is subject to taxation as "Income from Other Sources." Additionally, 10% TDS is deducted from the interest. The total amount due at maturity, however, is not deductible for tax purposes. I would like to conclude here about the KVP maturity period.
Read More:
What is Kisan Vikas Patra? What is the maturity period of Kisan Vikas Patra? What is the interest rate of Kisan Vikas Patra?Your Feedback Matters! How was this Answer?
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What is the Maturity Period of Kisan Vikas Patra?
Tina
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3 Year
2022-08-24T19:29:17+00:00 2022-08-24T19:29:18+00:00Comment
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