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Kisan Vikas Patra (KVP) – Types and Benefits of KVP Scheme

Kisan Vikas Patra (KVP) – Types and Benefits of KVP Scheme

Kisan Vikas Patra (KVP) – Types and Benefits of KVP Scheme

Kisan Vikas Patra (KVP) - Types and Benefits of KVP Scheme

Latest Kisan Vikas Patra in Hindi | Kisan Vikas Patra Calculator 2020 | Kisan Vikas Patra 2020 | How to encash Kisan Vikas Patra after maturity | Kisan Vikas Patra SBI | Kisan Vikas Patra online HDFC Bank | Kisan Vikas Patra Bank of Baroda.

– There is a kind of certificate that anyone can buy.
– It is issued in the form of certificates like bonds.
– There is a fixed profit (interest) on this.
– The interest rate varies from time to time.
– It can be purchased from any post office in the country

Kisan Vikas Patra (KVP) is a savings scheme available at India Post Offices in the form of certificates. It is a fixed rate small savings scheme designed to double your investment after a predetermined period of time (124 months in the currently available issue).

The scheme is designed to encourage long-term investment and savings amongst the masses. It is suitable for investors who are reluctant to risk-taking, have surplus money, and are looking for assured returns.

As per current rules, KVP certificates can be purchased from select public sector banks as well as from India Post Offices.

What is Kisan Vikas Patra?

The Kishan Vikas Patra scheme was launched in 1988 as a small saving certificate scheme. Its main objective was to encourage people to adopt long-term financial discipline.

At the time of launch, this scheme was directed towards farmers and, therefore, the name. But today, anybody who fulfils its eligibility criteria can invest in it.

The Kisan Vikas Patra post office scheme comes with a preset tenure of 113 months and extends assured returns to the individuals. Anybody can avail it in the form of a certification from any branch of India Post Offices and selected public sector banks.

Types Of Kisan Vikas Patra Scheme Accounts?

The KVP Scheme accounts are of three types –

  • Single holder type – In such a type of account, a KVP certification is allotted to an adult. An adult can also avail a certification on behalf of a minor, in such case the certification would be issued in their name.
  • Joint A type – In such a type of account, a KVP certification is issued in the name of two individuals, both of whom are adults. In the event of maturity, both account holders would receive the pay-out. However, only one would be entitled to receive the same in the event of the death of one account holder.
  • Joint B type – In such a type of account, a KVP certification is issued in the name of two adult individuals. Unlike Joint A type account, on maturity, either of the two account holders or the survivor would receive the pay-out.

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