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Post offices have a lot of contribution to the rural economy of the country. Even today, the poor and middle class consider their investment in the post office to be the safest.
DELHI: Post offices have a lot of contribution to the rural economy of the country. Even today, the poor and middle class consider their investment in the post office to be the safest. Kisan Vikas Patra (KVP) is a savings scheme. This is the plan of the Government of India. It started in the year 1988. People can save their money and invest through Kisan Vikas Patra Yojana. This is a safe investment.
Special things about Kisan Vikas Patra
The duration of Kisan Vikas Patra (KVP) is 9 years- 7 months i.e. 115 months. The amount invested in this scheme doubles in 115 months. There is no tax on this amount. This is a certificate scheme of the Indian Post Office. The minimum amount of investment in it is Rs 1,000. There is no maximum limit i.e. the maximum limit can be in millions. In this scheme, 7.5% annual compound interest is available on investment. On investing more than 50 thousand rupees, PAN card has to be deposited. There is a tax exemption on the amount invested in this scheme.
The postal department is offering itself services to the people as India Post Payment Bank, upgrading itself. There is a huge network of 1.64 lakh post offices across the country. In which about 1.39 lakh are in rural areas. There are about 2.4 lakh Gramin Dak Sevaks, who are providing digitally capable postal, financial and civil-focused services. The post office also performs timely and reliable delivery of documents and parcels in every corner of the country. It is known that all the post offices of the country are working with core banking solutions. The post office is also providing a lot of facilities to its customers.
Internet and mobile banking at post office
National Electronic Fund Transfer (NEFT)/ Real Time Gross Settlement (RTGS) services are also available for money transfer. Apart from this, e-passbook facility, direct benefit transfer (DBT) and civil-centric services such as Aadhaar enrollment and innovation are also available for viewing the remaining amount and mini statement. Rural Postal Life Insurance Scheme also provides affordable insurance coverage to people in rural areas.
