Benefit / This is Bank Of Baroda's money doubling scheme, get an investment of Rs.

Benefit / This is Bank Of Baroda's money doubling scheme, get an investment of Rs.

 We find the best option for investing money. For investment, we need a plan in which our money stays safe and we also benefit from it. If you are looking for a safe investment, then you can invest in Bank of Baroda's 'Kisan Vikas Patra' scheme. The scheme runs at post offices and banks across the country. One of them is the name of Bank of Baroda which runs the e-Kisan Vikas Patra scheme. It is a small savings tool that allows you to invest in a savings plan for a long time.

It is a popular investment tool that guarantees low risk and guaranteed returns. Kisan Vikas Patra is earning 6.9 per cent interest.The Government of India revises the interest rate on e-KVP every three months.

Learn about Kisan Vikas Patra

 In this, your money is doubled over a period of time. Kisan Vikas Patra is available at all post offices and major banks in the country.

After 124 months of investment together, the investor is given a double return. The minimum investment is Rs. There is no maximum investment limit. 

The farmer invests in the form of a development letter (KVP) certificate. It has certificates up to Rs.1000, Rs.5000, Rs.10,000 and Rs.50,000, which can be purchased.

The lock-in period is two and a half years

The lock-in of e-Kisan Vikas Patra Yojana run by Bank of Baroda is for 2 years and 6 months. The plan can be closed even before the lock-in period, but there are some conditions for it.

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If you have a joint account, you can close it in the event of death of the account holder. If a gazetted government official writes in writing to close the scheme, it may be closed. The scheme can be closed if the court orders.

This will require documentation

To avoid the risk of money laundering, the government has made it mandatory to issue a PAN card for investments above Rs 50,000. If you deposit Rs 10 lakh, to show proof of income, you have to submit salary slip, bank statement, ITR paper. The scheme has made it mandatory to issue Aadhaar card for identity card.

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Hindu joint family or HUF and NRI cannot invest in the scheme, but the trust is allowed. However, there is no tax exemption and the 80C provision does not apply to it. That is, you will have to pay tax on the return you receive. It earns compound interest on the investment.

There are three ways to shop

Single Holder Type Certificate: This type of certificate is purchased for oneself or for a minor.

Joint A Account Certificate: It is given jointly to two adults. Both holders are paid, or who is alive.

Joint B Account Certificate: It is issued jointly to two adults. Either someone is paid or someone is alive.

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Learn the benefits

Guaranteed returns are offered on this scheme, it has nothing to do with market fluctuations, so it is a very safe means of investment. You get the full amount after the period is over

No tax exemption is available under section 80C of the Income Tax Act. The return on it is fully taxable. There is no tax on withdrawals after maturity.

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At maturity, i.e., after 124 months, you can withdraw the amount, but its lock-in period is 30 months. Prior to this you cannot withdraw money from the scheme, unless the account holder dies or there is a court order.

You can also take a loan by keeping Kisan Vikas Patra as collateral or security.

How to open an account in Kisan Vikas Patra

You can open an account by going to any post office and filling up the form. The form can also be downloaded online. The full name, date of birth and address of the candidate should be written on the form.

The amount of purchase amount should be clearly written in the form. The amount of KVP form can be paid by check or cash.

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If you are paying by check, write the check number information on the form, KVP Single or Joint ‘A’ or Combined ‘B’ membership, depending on which is being purchased.

Write the names of both the beneficiaries on the purchase in the joint. If the beneficiary is a minor, write the date of birth, name of the parents. Upon submission of the form, Kisan Vikas Certificate will be issued along with the name of the beneficiary, maturity date and maturity amount.

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