Features of the Kisan Vikas Patra Scheme
KVP are offered in denominations of 1000, 5,000, 10,000, and 50,000 rupees, and investments in KVP are not subject to a maximum amount. The Kisan Vikas Patra matures after 124 months, or 10 years and 4 months. and in 124 months, the investment is doubled. Here are the features of the Kisan Vikas Patra Scheme (KVP):
- If Person XYZ invests Rs.20,000, the sum will rise to Rs.40,000 after 124 months. The investment time frame is flexible.
- KVP certificates may be transferred from one individual to another with the initial approval of a bank or post office staff.
- When KVP is acquired on behalf of minors, such a certificate cannot be transferred to another person while the minor is still alive.
- Under the legal guidelines of the Government Savings Certificates Act of 1959, it was introduced as a small savings certificate program.
- The bank or post office where it was issued will cash the certificate. It can also be cashed at a different bank or post office.
- KVP can be purchased by any Indian resident, Trusts, and Minors (those under the age of 18) and the program has no maximum age requirement.
- Non-resident Indians (NRIs) and Hindu Undivided Families (HUFs) are ineligible for the Kisan Vikas Patra.
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Kisan Vikas Patra Scheme
Kisan Vikas Patra Scheme: Kisan Vikas Patra Scheme (KVP) was launched in 1988, to assist poor, vulnerable, rural, and tribal families that lacked access to mainstream banking and financial systems. Farmers are referred to as Kisan in Hindi, whereas development is referred to as Vikas and certificates as Patra. The fact is that it was designed to assist farmers in saving money for the future. No distinction is made between participants from urban and rural regions under the scheme. It was successful in the beginning, but in 2011 it was abandoned as it may be used for money laundering. To address public demand and to resurrect little savings, the Finance Minister declared in 2014–15 that Kisan Vikas Patra (KVP) will be reinstated. This was reintroduced on November 18, 2014, with effect.
In this article, you will read about the Kisan Vikas Patra Scheme, its features, types, eligibility, maturity period, benefits, etc.
Table of Content
- What is Kisan Vikas Patra Scheme?
- Features of the Kisan Vikas Patra Scheme
- Kisan Vikas Patra Rate of Interest
- Types of Kisan Vikas Patra
- Eligibility of the Kisan Vikas Patra Scheme
- Maturity Period of Kisan Vikas Patra Scheme
- Benefits of Kisan Vikas Patra Scheme