If Rs 5 lakh is deposited in KVP with an interest rate of 6.9 percent, then Rs 10 lakh will be available on maturity. In this way, interest of Rs 5 lakh will be available on the principal amount of Rs 5 lakh. If you want more money on maturity, then you have to invest accordingly.
Bumper returns are available in Kisan Vikas Patra Yojana
If you want to get better returns by depositing less money then post office You can invest in Small Savings Scheme. One such scheme is Kisan Vikas Patra ie KVP. This is a government scheme, which is run by the Department of Posts under the guidance of the Ministry of Communications. This is such a scheme in which such people can invest who do not wish to deposit a huge amount in lump sum and those who do not want to take any risk in their investments. 9 small savings schemes are run under the postal department. All these schemes have their own specialty and have their own benefits. The money deposited in KVP doubles in 124 months, so this is a better scheme for investors who want to get lump sum amount after a long period.
The Finance Ministry has kept the interest rates of small savings schemes unchanged for the quarter of September 2022. The compound interest on KVP is 6.9 percent per annum. The September quarter is going to end, so the government can increase the rates of small savings schemes. Although it is not officially clear whether the rates will increase. It is believed that this time there are full possibilities of increasing interest rates. At least 1000 rupees have to be invested in KVP. If the customer wants, he can deposit money in multiples of Rs 100. There is no limit on the maximum deposit amount in this scheme. Money has to be deposited in the scheme for 124 months i.e. 10 years and 4 months.
10 lakh on maturity
On this basis, if money is kept in KVP for 124 months, money is not withdrawn in the middle or the account is not closed, then the money deposited in 10 years 4 months will be doubled. If Rs 5 lakh is deposited in KVP with an interest rate of 6.9 percent, then Rs 10 lakh will be available on maturity. In this way, interest of Rs 5 lakh will be available on the principal amount of Rs 5 lakh. If a person needs Rs 1 crore after 10 years and 4 months, then he can deposit Rs 50 lakh in a lump sum in KVP. Let us now know 7 great features of KVP.
7 Features of KVP
1-Guaranteed Return- Market volatility does not matter on KVP. In this way, the rate which is fixed, the customer gets the maturity money at the same rate.
2-Maturity Period- The maturity period of KVP scheme is 124 months. You can claim your amount after completing this period. However, if you decide not to withdraw your investment, it will continue to earn interest until you withdraw it.
3-Security of Funds- The fund you have invested in this scheme is beyond any uncertainty of the market. At the end of the term of the policy, the investor will be entitled to get the full amount and benefits.
4-Interest Rate- The KVP scheme currently has an interest rate of 6.9% for the quarter up to September 2022. As the interest gets compounded, you will get more return on your deposit.
5-Tax Benefits- There is no tax deduction under section 80C of the Income Tax Act in this scheme and the returns received are fully taxable. However, TDS is exempted from withdrawal after maturity.
6-Premature Withdrawal- The maturity of KVP is 124 months, but its lock-in period is 30 months. Can’t withdraw money before that. In the exception, if the account holder dies, the money can be withdrawn.
7-KVP Certificate- If you deposit KVP money in cash, then you will get the certificate immediately. If the money is deposited by cheque, money order or demand draft, then the certificate will be given after the money reaches the post office.
Source: www.tv9hindi.com”