Money doubles on maturity by investing Rs 1000
In search of investment avenues offering both security and lucrative returns, individuals often seek options that ensure the safety of their capital. Recognizing the preferences of risk-averse and small investors, the government has introduced various small savings schemes, among which Kisan Vikas Patra stands out as an excellent choice. This scheme is ideal for those seeking long-term investments, providing a current interest rate of 7.5 percent, implying that invested capital doubles in 115 months, equivalent to 9 years and seven months.
Kisan Vikas Patra comes with a maturity period of ten years, with a minimum investment threshold of Rs 1,000 and no maximum limit, allowing investors to allocate funds according to their financial capabilities. Notably, this investment avenue offers a secure option, shielded from market risks, ensuring guaranteed returns despite fluctuations in the market environment.
Investment Eligibility:
Individuals aged 18 years and above can invest in Kisan Vikas Patra, with provisions for both single and joint accounts. Additionally, minors can also participate under the supervision of a guardian. The scheme extends to Hindu Undivided Families (HUFs) and Trusts, excluding Non-Resident Indians (NRIs). Certificates of Rs 1000, Rs 5000, Rs 10,000, and Rs 50,000 denominations are available for purchase, catering to diverse investment preferences.
One-Time Investment Scheme:
Kisan Vikas Patra operates as a one-time investment scheme facilitated by the Government of India, wherein invested capital doubles within a predetermined period. Certificates can be acquired from all post offices and major banks nationwide, with the provision for nomination at the time of purchase. In the event of omitting to nominate initially, investors retain the flexibility to nominate anytime before maturity.
Tax Implications:
Income tax is applicable on the interest earned from Kisan Vikas Patra investments. However, investors do not qualify for tax benefits under Section 80C of the Income Tax Act concerning the deposited amount in this scheme.
In essence, Kisan Vikas Patra presents a compelling investment avenue, combining security with attractive returns, thereby empowering investors to grow their wealth steadily while mitigating financial risks.