Overview of Kisan Vikas Patra (KVP)
The
Kisan Vikas Patra or KVP is a form of small saving scheme that is available in India. The Kisan Vikas Patra is issued by the Government of India. The Kisan Vikas Patra is extensively availed by the common people of India.
Buyers Regulations of Kisan Vikas Patra (KVP)
Only the following are allowed to buy a Kisan Vikas Patra:
Two people who are over the age of eighteen can purchase a Kisan Vikas Patra together.
An adult can buy a Kisan Vikas Patra for a minor or for himself.
Any organization that functions as a Trust can buy a Kisan Vikas Patra.
A person under the age of 18 can buy the Kisan Vikas Patra.
Availability of Kisan Vikas Patra (KVP)
The Kisan Vikas Patras can be bought in the post offices of India.
Maturity Amounts paid by Kisan Vikas Patras (KVPs)
As per the rules that have been effective from the 1st of March 2003 the owners of Kisan Vikas Patras receive twice the amount they paid when they bought it.
Maturity Periods of Kisan Vikas Patras (KVPs)
The normal term period of the Kisan Vikas Patras is eight years and seven months.
Nomination Facilities of Kisan Vikas Patras (KVPs)
The owners of Kisan Vikas Patras get benefits that are related to nomination.
Denominations of Kisan Vikas Patras (KVPs)
The Kisan Vikas Patras are normally found for the following face values or denominations:
- Rs.50, 000
- Rs.100
- Rs.5000
- Rs.500
- Rs.10, 000
- Rs.1000
Deposit Values of Kisan Vikas Patras (KVPs)
There is higher limit of investing in Kisan Vikas Patras (KVPs).
Tax Advantages provided by Kisan Vikas Patras (KVPs)
In normal circumstances the Kisan Vikas Patras do not provide any special benefits that are related to taxes. Still, when the accounts are withdrawn the money in the account is exempted from Tax Deduction at Source or TDS.
Cashing in Kisan Vikas Patras (KVPs)
The Kisan Vikas Patras can be encashed at the post offices where they had been filed. Other than that they may also be encashed at other post offices.
