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Can Teachers Provident Fund be invested in Kisan Vikas Patra (KVP)?
Teachers Provident Fund cannot be invested in KVPs.
Can Kisan Vikas Patra (KVP) be encashed only at the post office of issue?
It is easier to encash KVPs at the post office of issue. But, it is not necessary.
Can Kisan Vikas Patra be purchased by non-resident Indians?
No, non-resident Indians are not eligible to purchase Kisan Vikas Patra.
Can co-operative banks/co-operative societies invest in Kisan Vikas Patra (KVP)?
No, co-operative banks/co-operative societies cannot invest in KVPs according to Rule 6 of the Kisan Vikas Patra rules.
What are the tax implications on investment in Kisan Vikas Patra?
There are no tax benefits on the KVP or on the interest earned from this instrument.
Can a Kisan Vikas Patra (KVP) be purchased by Karta on behalf of Hindu Undivided Family (HUF)?
No, there is no provision for a Karta to buy a KVP on behalf of the HUF.
Can a duplicate certificate of Kisan Vikas Patra (KVP) be issued if the original is lost? How?
A duplicate of a KVP can be issued by sending a written request to the post office.
Will a duplicate certificate be issued if the original identity slip is lost/misplaced?
If the identity slip is lost/misplaced, only an individual's convincing power can be used to prove ownership of the Kisan Vikas Patra (KVP).
What is the rate of interest applicable on the POMIS?
The interest rate on investment in a POMIS is currently 8.40 per cent per annum, payable monthly.
What is a post office monthly income scheme?
The post office monthly income scheme (POMIS), as the name suggests, is a scheme that provides monthly income (currently at 8.40 per cent p.a) to investors.
What are the consequences of exit from a post office monthly income scheme (POMIS)?
Exit after 1 year will entail a loss of 5 per cent of the amount invested. As a result, while the investor would not suffer any loss in interest earnings, the loss of principal can be high.
Will the post office monthly income scheme offer encashment on account closure before maturity?
There is the facility of premature closure of the account after 1 to 3 years, at a 2 per cent discount.
What is the minimum and maximum amount required to open a post office monthly income scheme account?
While the minimum investment amount in a POMIS is Rs.1500 or in multiples thereof; the maximum amount is Rs. 4.5 lakh in a single account and Rs. 9 lakh in a joint account.
Is there a minimum age for a minor to open a post office monthly income scheme (POMIS) account?
A minor has to be at least 10 years of age to be able to have a PO MIS account in his/her own name directly.
Can everybody open a post office monthly income scheme (POMIS) account?
A POMIS account can be opened by an individual, two/three adults jointly, and a minor through a guardian.
Can the post office monthly income scheme (POMIS) account be continued after maturity of the account?
An investor can avail the option of reinvestment on maturity of the POMIS account.
Can the interest from the post office monthly income scheme (POMIS) account get credited directly to an account or is it necessary to collect it on a monthly basis?
The investor can avail the facility of automatic credit of monthly interest to saving account if account is at the same post office.
Do minors have a separate limit of investment or is it clubbed in guardian's limit in a post office monthly income scheme (POMIS) account?
Minors do have a separate limit of investment of Rs. 3 lakh, not clubbed with the limit of guardian.
Can a post office recurring deposit account (RDA) be continued after its maturity?
After maturity of the account, it can be continued for a further period of 5 years with or without further deposits. During this extended period, the account can be closed at any time.
What happens in the event of loss of the passbook of the post office recurring deposit account (RDA)?
If there is a loss, theft or the passbook is mutilated, a duplicate is issued for a fee.
Where can I purchase National Savings Certificates (NSC)?
NSCs can be purchased from all head post offices and authorized post offices.
What are the advantages of opening up a post office recurring deposit account (RDA)?
The post office offers a fixed rate of interest unlike banks where the interest rates on fixed deposits keep fluctuating depending on conditions such as their demand supply position.
Can one withdraw funds deposited in the post office recurring deposit account (RDA)?
Read to know whether one withdraw funds deposited in the post office recurring deposit account (RDA).
Can a post office recurring deposit account (RDA) be closed prematurely?
The account may be closed prematurely after the completion of one year from the date of opening of the account.
How does one keep track of deposits made in a post office recurring deposit account (RDA)?
A passbook is issued for recurring deposits at the time of opening the account. The passbook can be updated every month at the time of paying the installments.
Can I continue to make deposits if I fail to pay installments on time for a few months towards the post office recurring deposit account (RDA)? Are there any extra charges?
In case of default in payment, a default fee is payable toward the account at 20 paise per month of delay, for each Rs.10.