KVP Interest Rate Change: By Post Office Department Kisan Vikas Patra is operated. This scheme has been issued by the central government. If you want to get returns of lakhs by investing in any good scheme, then Kisan Vikas Patra Scheme will prove to be very beneficial for you. Let us tell you, till now 9 small savings schemes are being run in India. One of which is this scheme. New interest rates for Kisan Vikas Patra have been announced by the government. Today we are going to tell you the information related to KVP interest rate.
Know what is Kisan Vikas Patra
Let us tell you, Kisan Vikas Patra Yojana is a kind of saving scheme. If an investor invests his money, then after the completion of the period his money doubles. Under the scheme, the citizen will have to invest for 10 years and 4 months i.e. 124 months. On maturity date after 124 months, you will be given double the amount. Under the scheme, apart from the farmer brothers, any citizen of the country can apply.
KVP Interest Rate Change: Know the interest rates of Kisan Vikas Patra
Citizens will get 6.9% interest on investing in this scheme of Post Office Kisan Vikas Patra. As it is a small savings scheme, its interest is fixed on the basis of feared compound (quarterly) interest. A citizen can start investing in this account from Rs 1000 and can get lakhs of money after the maturity date. Under the scheme, the investor can withdraw his money at any time, but if someone withdraws the money within 1 year, then he will not be given any kind of interest and he can also read to pay a penalty.
The features of this scheme are
In this Kisan Vikas Patra nomination facility is provided to the customers. Along with this, the certificate can be transferred from one post office to another in the name of another citizen.
Kisan Vikas Patra: Know who can open the account
- In Kisan Vikas Patra, one adult or three adult children can open a joint account simultaneously.
- If a person is a weak minded person or a child is a minor, then in such a situation the account can be opened by his parents.
- Anyone who is above 10 years of age and is a minor can open an account in his own name.
Kisan Vikas Patra: Account transfer will be done only on these conditions
- If an account holder dies, then in such a situation the account will be transferred to the nominee created by him.
- Apart from this, the account can be transferred to the joint holder after the death of the account holder.
- Account transfer can be done on the orders given by the court.