Post Office: Farmer development letter is fast money double, know everything related to it
Updated: October 2, 2018, 5:52 AM
What is the Kisan Vikas Patra- There is a kind of certificate that any person can purchase. It is issued in bond form like Bond. There is a fixed profit (interest) on this. The interest rate is revised from time to time. It can be purchased from any post office in the country. From October 1, 2018, it is getting interest of 7.7 per cent.
How much money will be required- There is no upper limit to invest in the Kisan Vikas Patra. However your minimum investment should be Rs.1000. You can invest any amount of 1000 rupees in multiples. Meaning you can not invest 1500 or 2500 or 3500. Investment here will be in the order of 1 thousand, 2 thousand and 3 thousand. (Read also: SBI account holders get free at the ATM These 5 services)
Who can buy- You can buy Kisan Vikas Patra from any branch of the post office spread across the country. You can buy it for a child, ie Minor. It can also be bought in the name of 2 people. (Read also: 9-year record of expensive electricity broke! Now this may have impact on the customers) How long can you withdraw money? If you want to withdraw your investment, then you have to wait for at least 2.5 years. Although Financial Experts advise long-term investments in this.
How long does the double- If you invest money in the Kisan Vikas Patra, then it can be doubled in 118 months, 9 years and 10 months according to the current 7.7 percent annual interest rate.
Which documents must be provided? 2 Passport size photo, identity card (Ration card, voter identity card, passport etc ..), residence certificate (electricity bill, telephone bill, bank passbook etc.), if your investment is more than 50 thousand, at this stage Pan Card will be required and Aadhaar card (Government made it mandatory in October 2017)What are the other facilities available in this? You also have the facility of nomination in this government scheme. This certificate can be transferred from one person to another. It can also be transferred from one post office to another post office. It can also be bought online from some banks in the country.
What does Tax Benefit get? According to the website of Bank Market.com, you also get Tax Benefit on Kisan Vikas Patra. Tax is not deducted on the source in this scheme. Meaning you are not given the money of maturity TDS deduction. Also, this scheme does not come under the purview of Wealth Tax. However, you can not get a discount under 80c.