Kishan Vikash Patra
Kisan Vikas Patra (KVP) is a saving instrument that provides interest income similar to bonds. Amount invested in Kisan Vikas Patra doubles on maturity after 8 years & 7 months.
Kisan Vikas Patra can be purchased by the following:
An adult in his own name, or on behalf of a minor,
A minor,
A Trust,
Two adults jointly.
A minor,
A Trust,
Two adults jointly.
Kisan Vikas Patra are available in the denominations of Rs 100, Rs 500, Rs 1000, Rs 5000, Rs. 10,000 & Rs. 50,000.
There is no maximum limit on purchase of KVPs. Premature encashment of the certificate is not permissible except at a discount in the case of death of the holder(s), forfeiture by a pledgee and when ordered by a court of law.
No income tax benefit is available under the Kisan Vikas Patra scheme. However, the deposits are exempt from Tax Deduction at Source (TDS) at the time of withdrawal.
There is no maximum limit on purchase of KVPs. Premature encashment of the certificate is not permissible except at a discount in the case of death of the holder(s), forfeiture by a pledgee and when ordered by a court of law.
No income tax benefit is available under the Kisan Vikas Patra scheme. However, the deposits are exempt from Tax Deduction at Source (TDS) at the time of withdrawal.
