Are you prepared to show your contribution of ₹200 per day right into a lumpsum of ₹1,46,000 at maturity? Although could sound unattainable however with correct planning, you may develop your wealth and safe your tomorrow. Kisan Vikas Patra scheme provides a versatile strategy to save in your future.
On this weblog, you’ll come throughout varied methods to develop your investments with the Kisan Vikas Patra. Examine KVP curiosity & maturity quantity calculations utilizing on-line KVP calculators.
Understanding Kisan Vikas Patra (KVP)
The Kisan Vikas Patra scheme, in style since 1988, is a brilliant funding choice for providing versatile avenue for farmer’s to save lots of up on future wants. It’s a small financial savings certificates supplied by the Indian authorities. It was first launched as a farmer’s scheme, which has now expanded to profit anybody who can make investments on this scheme to have a corpus over the long run.
Issues to Know About KVP Scheme
The Kishan Vikas Patra rate of interest is revised quarterly. The present rate of interest is 7.5% p.a. for the Q1 FY 2024-25, i.e. quarter ranging from 1 April 2023 to 30 June 2024, compounded yearly. By compounding the curiosity, you’ll obtain extra returns in your deposit.Listed below are the highlights of Kisan Vikas Patra:
| Kisan Vikas Patra Highlights | |
| Curiosity Price | 7.5% (compounded yearly) |
| Tenure | 115 months |
| Lock-in Interval | 7 months to 9 years |
| Funding Quantity | Minimal: Rs. 1,000 | Most: No restrict |
Additionally Learn: Which is Higher? SIP or Lumpsum to make 1 Crore
Kisan Vikas Patra Scheme Calculation
The desk under reveals an summary of Kisan Vikas Patra Scheme calculation of the maturity quantity and 12 months based mostly in your funding:
| Maturity 12 months | Funding Quantity (Rs.) | Maturity Quantity (Rs.) |
| 2033 | 10,000 | ₹20,000 |
| 2033 | 15,000 | ₹30,000 |
| 2033 | 20,000 | ₹40,000 |
| 2033 | 30,000 | ₹60,000 |
| 2033 | 40,000 | ₹80,000 |
| 2033 | 50,000 | ₹1,00,000 |
| 2033 | 60,000 | ₹120000 |
| 2033 | 70,000 | ₹140000 |
| 2033 | 80,000 | ₹160000 |
| 2033 | 90,000 | ₹180000 |
| 2033 | 1,00,000 | ₹200000 |
Word: The maturity quantity and maturity 12 months depend on the tenure interval (115 months) and curiosity (7.5%) offered by the scheme.
Kisan Vikas Patra Calculator
Now you may calculate your Kisan Vikas Patra investments in only a faucet. Buddy mortgage brings to you Kisan Vikas Patra Calculator. As per the KVP scheme, the rate of interest is mounted at 7.5% p.a and tenure is mounted at 115 months which is 9 years & 7 months.
Enter the quantity you need to make investments and the maturity quantity might be displayed alongside along with your maturity 12 months.
Additionally Learn: Greatest Submit workplace Scheme to Double your Cash
KVP Maturity Quantity Calculation
Now you may manually calculate your KVP Maturity quantity utilizing the system of calculating the maturity quantity of a Kisan Vikas Patra (KVP) with out an internet calculator is:
On this instance, we’re investing ₹200 per day which quantities to ₹73,000 per 12 months.
Complete Preliminary Funding = ₹ 200/day * 365 Days = ₹73,000
In different phrases, you’ll have to initially make investments ₹73,000 which can break all the way down to an funding of ₹200 per day.
As per Kisan Vikas Patra scheme, the invested quantity will double in 115 months that’s 9 years and seven months.
With this calculation, an preliminary funding of ₹73,000 will quantity to ₹1,46,000/-
Subsequently, the maturity quantity in your funding of ₹73,000 for 115 months in KVP will quantity to ₹1,46,000/-
Additionally Learn: Examine how one can develop your financial savings by 41% in 5 years with SCSS
Advantages of Kisan Vikas Patra
Together with being a authorities backed trusted program, the Kissan Vikas Patra supplies you with different main options & advantages:
- Assured returns: You’ll recieve the sum assured with out being effetted by any market fluctuation.This scheme priorities to encourage them to save lots of for a financially unsure day.
- Capital Safety: Being a authorities backed means of funding , it isn’t topic to market dangers. Candidates can obtain the funding when the tenure ends.
- Untimely withdrawal: The account matures after 115 months and withdrawal is shouldn’t be allowed until within the account holder’s demise or court docket order.
- Mortgage towards KVP certificates: You need to use your KVP certificates as collateral to avail secured loans as effectively. One of the best half is that the rate of interest is relatively decrease for such loans.
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Options of Kisan Vikas Patra (KVP) Scheme
The Kisan Vikas Patra Scheme comes with sure situations with the intention to develop and safe your wealth with ease. Listed below are the options that you must know in regards to the Kishan Vikas Patra scheme:
- Mounted Maturity: Make investments for a set interval of 115 months (roughly 9.5 years -7 months) and know precisely while you’ll obtain your returns.
- Assured Returns: The Indian authorities ensures the rate of interest in your funding, providing a protected and predictable strategy to develop your cash.
- Minimal Funding: With a minimal funding of Rs. 1,000 and no higher restrict, KVP is accessible to a variety of buyers.
- Broad Availability: Simply buy KVP certificates from any India Submit Workplace department or choose public sector banks.
Additionally Learn: Crorepati Technique make 1 Crore with ₹5,000 SIP
Kisan Vikas Patra Eligibility
Now the kisan Vikas Patra scheme comes with sure eligibility standards. The listicle under supplies you an
Listed below are the eligibility standards for investing within the Kisan Vikas Patra scheme in level type:
- Candidates have to be over the age of 18 and a resident of India.
- Dad and mom or authorized guardians can make investments on behalf of a minor or individual with an unsound thoughts,
- NRIs (Non-Residents of India) and Hindu Undivided Households (HUFs) can’t put money into the scheme.
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Regularly Requested Questions
Q. How a lot quantity is paid for KVP on maturity?
A. The unique invested quantity, together with the accrued curiosity, is paid on the maturity of a KVP.
Q. How do I withdraw from KVP after maturity?
A. With a view to withdraw your KVP after maturity, you need to submit the KVP certificates and withdrawal type to the put up workplace. As soon as achieved quantity might be debited on to your account
Q. How is curiosity calculated in KVP?
A. The curiosity is calculated at a set charge set by the federal government and compounded yearly.
Q. Is KVP taxable at maturity?
A. Sure, the maturity quantity of a KVP is taxable as per the relevant earnings tax legal guidelines.
Q. Which is best, FD or KVP?
A. The selection relies on your funding objectives and threat acceptance together with time period situations aligned with each FD and KVP.
Q. What occurs to the KVP after maturity?
A. The investor can withdraw the maturity quantity or reinvest it in a brand new KVP account with a contemporary maturity interval.
