Which Bank Offers Kisan Vikas Patra?

Can I buy Kisan Vikas Patra online?

Kisan Vikas Patra Online Application You can pay the amount for the purchase by cash or by cheque.

The same needs to be mentioned on the application form.

The adult(s) purchasing the KVP should mention their names on the document..

Which scheme is best in post office?

InstrumentInterest rate (%) from October 1, 2020Min amt (Rs)Senior Citizen Saving Scheme7.41000Sukanya Samriddhi Account7.6250Public Provident Fund7.15005 Yr NSC-VIII Issue6.810006 more rows•Nov 6, 2020

Is Kisan Vikas Patra available in bank?

Kisan Vikas Patra (KVP) is a savings scheme available at India Post Offices in the form of certificates. … As per current rules, KVP certificates can be purchased from select public sector banks as well as from India Post Offices.

Which banks sell KVP?

Here are the list of banks where you can take a Kissan Vikas Patra or KVP. State Bank of India. State Bank of Patiala. Punjab National Bank. Bank of Baroda. State Bank of Bikaner and Jaipur. State Bank of Patiala. Allahabad Bank. Andhra Bank.More items…•

What is the lock in period of Kisan Vikas Patra?

The Kisan Vikas Patra is a saving scheme that aims to double your money in 100 months, which will be 8 years and 4 months. KVP is available in the denominations of Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000, and have no maximum limit on investment. The lock-in period of KVP is 2 years and 6 months.

Can Kisan Vikas Patra be redeemed at any post office?

The facility of Kisan Vikas Patra encashment can be availed only at the Post Office from which it was issued. In case it is not possible to encash at the same Post Office, certain formalities have to be completed before this can be done.

What happens if Kisan Vikas Patra is lost?

If the Kisan Vikas Patra (KVP) is lost, stolen, destroyed, mutilated or defaced, the rightful owner of such KVP may apply for the issue of a duplicate KVP to the Post Master of post office, where the certificate is registered or issued.

Who is eligible for Kisan Vikas Patra?

Any Indian citizen above the age of 18 years can buy a Kisan Vikas Patra from the nearest post office. People from rural India (with no bank account) find this particularly appealing. You can also buy one for a minor or jointly with another adult.

Can I withdraw Kisan Vikas Patra before maturity?

After the latest revision in interest rate of small savings schemes, KVP or Kisan Vikas Patra now doubles your money in 9 years and 5 months. KVPs also offer the facility of premature encashment. Interest rate on KVP was lowered to 7.6% for the July-September quarter, compared with 7.7% in the April-June period.

How can I withdraw money from Kisan Vikas Patra?

The facility to encash the Kisan Vikas Patra can be availed from the Post Office where the certificate was initially issued. If you are unable to encash the Kisan Vikas Patra certificate at the issuing Post Office, you will have to complete certain formalities to successfully withdraw your KVP certificate.

Is Kisan Vikas Patra safe?

KVP is just like a “Small Savings Scheme,” such as PPF, SCSS, etc., and as it is a government scheme the returns are guaranteed without any risk.

Is Kisan Vikas Patra tax free?

Kisan Vikas Patra does not offer any income tax benefits to the investor. No deduction u/s 80C is allowed on investment and the interest received upon maturity/withdrawal is fully taxable. However, withdrawals are exempted from Tax Deduction at Source (TDS) upon maturity.

Which is better KVP vs FD?

Under the new KVP scheme, the money invested in in KVPs will double in 100 months, or eight years and four months. This means an annual return of 8.67 per cent. … Bank fixed deposits currently offer around 9 per cent on more than 1-year fixed deposits.

Is Kisan Vikas Patra a good investment?

The lock-in period of the Kisan Vikas Patra is fairly high as compared to the Normal Bank Fixed Deposits which can be broken any time with a small penalty. Therefore, for the above 4 Reasons it is not advisable to be investing in the Kisan Vikas Patra as there are better alternatives available.