Kisan Vikas Patra (KVP) is included within the small saving schemes of the put up workplace. Let us learn about this scheme intimately.
Kisan Vikas Patra (KVP) is included within the small saving schemes of the put up workplace.
If you might be considering of investing within the coming days, then Post Office Savings Schemes (Saving Schemes) can do in. You positively get good returns in these schemes. Also, the cash invested in it’s also fully protected. if financial institution default (Bank Default) If it occurs, then you definitely get again solely 5 lakh rupees. however the put up workplace (Post Office) I’m not like that. Apart from this, funding in put up workplace financial savings schemes may be began with a really small quantity. Kisan Vikas Patra in Small Saving Schemes of Post Office (KVP) is included. Let us learn about this scheme intimately.
Rate of curiosity
At current, the rate of interest of 6.9 p.c every year is current within the Kisan Vikas Patra Scheme of the Post Office. The curiosity on this scheme is compounded on an annual foundation. This rate of interest is relevant from 1st April 2020. The cash invested on this small financial savings scheme doubles in 124 months i.e. 10 years and 4 months.
funding quantity
At least 1000 rupees must be invested on this authorities scheme. In this scheme, you’ll have to spend money on multiples of Rs 100. There isn’t any most restrict for funding on this scheme.
Who can open account?
An grownup can open an account within the Kisan Vikas Patra of the put up workplace. Apart from this, as much as three adults can open a joint account collectively within the scheme. In the Kisan Vikas Patra, the guardian can open the account on behalf of the minor or the guardian on behalf of the particular person of weak thoughts. In this scheme, a minor above the age of 10 years can even open an account in his personal identify.
maturity
The quantity deposited on this small financial savings scheme will mature on the maturity interval as prescribed by the Ministry of Finance now and again. Maturity will probably be relevant from the date of deposit.
untimely closure
The account in Kisan Vikas Patra may be closed at any time earlier than maturity beneath sure circumstances. The account may be closed on the demise of a single account holder or on the demise of all of the account holders within the joint account. With this, the account must be closed on the orders of the court docket. Apart from this, the account may be closed after two years and 6 months from the date of deposit.
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