Kisan Vikas Patra

Salient Features

•Money doubles in 8 years and 7 months.
•Facility for premature encashment
•No maximum limit on investment.
•No TDS.
•Rate of interest 8% compounded annually.
•Two adults, individuals and minor through guardian can purchase.
•Companies, Trusts, Societies or other Institutions are not eligible to purchase.
•Non-Resident Indian/HUF are not eligible to purchase.
•Maturity proceeds not drawn are eligible for Post Office Savings account interest for a maximum period of two years.
•Facility of reinvestment on maturity.
•KVPs can be pledged as security against a loan to Banks/Govt.Institutions.
•KVPs are encashable at any Post Office before maturity by way of transfer to desired Post office.
•KVPs are transferable to any Post Office in India.
•KVPs are transferable from one person to another person before maturity.
•Duplicate can be issued for lost, stolen, destroyed, mutilated and defaced patras.
•Nomination facility is available.
•Facility of purchase/payment of Kisan Vikas Patras to the holder of Power of Attorney.
•Rebate under section 80 C is not admissible.
•Deposits are exempt from Wealth Tax.