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No PAN Card required for Investment in Kisan Vikas Patrika

No PAN Card required for Investment in Kisan Vikas Patrika

Kisan Vikas Patrika or Patra is one of the saving schemes that is introduced by the government of India. It doubles the invested money in eight years and seven months. Also, it is the safest way to double the money with the interest rate of 8.41%.

Recently, the Finance ministry has announced about the documents required for KVP scheme. The officials from the ministry said that there won’t be any requirement of PAN (Permanent Account Number) for investing in KVP scheme. Moreover, there is no upper limit on investment.

Arun Jaitley, the finance minister and Ravi Shankar Prasad, Communication minister relaunched the scheme on 18th November, 2014. As there is no Tax Rebate on Kisan Vikas Patra, one is not required to produce PAN card number. It only requires a recent passport size photograph of an investor.

One can invest in KVP scheme directly at any of the India Post offices by filling up the form of KVP. In addition to it, one can invest through cash/draft/demand draft and they will issue a certificate of KVP. Above all, there is no upper limit on investment. So, you can invest as per your requirement. The KVP are available in different denominations of Rs.100, Rs.500, RS.1000, RS.5000 and RS.10000.

It is a simply process for investing money. After submitting the duly filled up form to the concerned officer in the post office, they issue a certificate called Kisan Vikas Patra with your name. Also, it shows the date of maturity, date of issue and maturity amount receivable on it.

To give impetus to this scheme, the Indian finance ministry has relaunched the scheme. To invest in this type of scheme, one is required to be an Indian citizen and an adult by age. Either you can invest on your name or jointly. Even a trust can invest in Kisan Vikas Patra Scheme. And at the maturity date, one can reinvest in the scheme to gain higher returns.

KVP has no risk as it is altogether from any other mutual funds. It is a government scheme that helps Indian individual to save their money without any worry. Even one can get it issued in the time of urgency. It is easy to encash like currency.

No PAN Card required for Investment in Kisan Vikas Patrika

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