The central government has introduced numerous initiatives for farmers, and in this situation, a scheme to boost savings has been launched. Investing in this program will result in a double profit. What is the name of the scheme we’re talking about? It’s called the ‘Kisan Vikas Patra Yojana.’ What is the advantage of this plan? Eligibility, objectives, key documents, characteristics, application procedure, and so forth. We will tell you about it; but, to acquire all of the details regarding this program, you must read the entire post.
Kisan Vikas Patra Yojana 2022
The Kisan Vikas Patra Yojana, which was created by the Indian government, is a fantastic savings scheme that requires a long-term commitment. The sum is doubled till the investing time is completed. In this program, the investor must invest for ten years and four months (124 months), after which the money will be doubled. It is unnecessary to state that only farmers are eligible to apply for this scheme and benefit from it; nonetheless, any Indian citizen is eligible to apply. This requires the purchase of a KVP certificate with a minimum investment of 1000 rupees.
The current interest rate under this scheme is 6.9%, and it will be delivered to you after 124 months by doubling the investment amount at a rate of 6.9%. The investor can make a premature withdrawal from the Kisan Vikas Patra plan with this, but if the investor withdraws the certificate within one year of purchase, interest will not be paid and a penalty would be charged. Similarly, if the withdrawal is made within one year of the certificate’s acquisition, the penalty is waived, but the rate of interest is reduced. After two and a half years, if the same investor has made a withdrawal.
Kisan Vikas Patra has a 10-year and 4-month maturity period, during which time the investor’s investment doubles. Since the beginning of the year, the interest rate on it has risen to 6.9%. The minimum investment amount is Rs 1000, with no upper limit. Certificates of Kisan Vikas Patra are available in denominations of 1000, 5000, 10,000, and 50,000 rupees. If you have an identity slip, you can get this money from any post office; if you don’t have an identity slip, you can get it from the same post office where you got your Kisan Vikas Patra certificate.
Certificate of Kisan Vikas Patra
The Government of India makes Kisan Vikas Patra available to the beneficiary through the post office under this initiative. Please note that you can purchase this certificate with cash, check, pay order, or demand draught. It is divided into three categories, as follows:
The government issues a Single Holder Type Kisan Vikas Patra Certificate to an adult on behalf of a juvenile or a girl kid. The Joint A Type Kisan Vikas Patra Certificate is given to two adults together. The Kisan Vikas Patra Certificate (Joint B Type) is issued jointly to two adults and is payable to one of the joint account holders.