Investment Growth - The invested amount doubles on maturity, providing substantial growth in savings.
Tax Exemption - Though there are no income tax benefits under the scheme, the deposits are exempt from Tax Deduction at Source (TDS) at the time of withdrawal.
Nomination Facility - The scheme offers the facility of nomination, ensuring that the investment is passed on to the nominee in case of the investor's demise.
Easy Availability - The Kisan Vikas Patra scheme is available at all branches of Union Bank of India, making it easily accessible to potential investors.
Frequently Asked Questions (FAQs)
What are the eligibility criteria for purchasing certificates under the Government Savings Scheme?
Any adult can purchase the certificate in their own name or on behalf of a minor, while three adults can jointly invest in the scheme.
Which branches are authorized to sell certificates under the Government Savings Scheme?
All branches of the bank are authorized to sell certificates under the Government Savings Scheme.
What are the interest rate, maturity period, and maturity amount for certificates purchased under the Government Savings Scheme?
The invested amount doubles on maturity and the rate of interest and maturity period are notified by the Government of India. You can find the current rate of interest and maturity period on the official website of the bank.
Is the nomination facility available for the Government Savings Scheme?
Yes, the nomination facility is available for the Government Savings Scheme.
What are the denomination and deposit limits for certificates purchased under the Government Savings Scheme?
The minimum amount that can be deposited is one thousand rupees, and any sum in multiples of one hundred rupees can be deposited. There is no maximum limit for purchasing certificates under the Government Savings Scheme.
