Lifestyle

Double your income with Kisan Vikas Patra scheme! Check interest rate, features, benefits

While many people can have a number of plans for funding and financial savings, a properly chosen possibility is unquestionably going to make us reap long run benefits.

Kisan Vikas Patra, generally generally known as KVP is among the finest small financial savings scheme supplied by the Post Office. At current, KVPs are providing an interest fee of 6.9% compounded yearly. As per the present interest fee, a KVP can double your cash in 124 months or 10 years and 4 months.

Meanwhile, for many financial institution FDs the interest is decrease than 6%. Thus the interest fee supplied by Kisan Vikas Patra makes it look extra engaging.

At a minimal quantity of Rs 1,000, the KVP account could be opened and thereafter in multiples of Rs 100. There is not any most restrict. A KVP could be opened at any submit workplace.

Here are extra particulars about Kisan Vikas Patra.

Kisan Vikas Patra: Account opening

1. Single adults can open a Kisan Vikas Patra (KVP) account. Three adults can open a joint account.

2. A guardian on behalf of a minor or on behalf of an individual of an unsound thoughts can even open an account.

3. A minor above 10 years can get his KVP account in his or her personal identify.

Under this scheme, any variety of accounts could be opened.

Premature closure of account

KVP account could be prematurely closed any time earlier than maturity, topic to the under situations.

a) If there may be the dying of an individual with a single account or all of the account holders in a joint account.

b) On forfeiture by a pledgee being a Gazette officer

c) If courtroom orders

d) From the date of deposit, after 2 years and 6 months

Transfer of KVP

KVP Certificate could be transferred from one individual to a different and from one submit workplace to a different. Certificates could be encashed after two and a half years from the date of difficulty.

KVP could be transferred underneath the next conditions-

(i) On the dying of account holder to nominee/authorized heirs.

(ii) On the dying of account holder to joint holder(s).

(iii) On order by the courtroom.

(iv) On pledging of account to the required authority.

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