Post Office Kisan Vikas Patra

Post Office Kisan Vikas Patra – KVP is the savings scheme facilitated by the Indian Post Office. The main objective of this scheme is to encourage both rural and urban citizens to make long-term savings investments. This is a low-risk saving scheme facilitated by the Indian Government. People can make secure, safe, and reliable investments in this scheme. Also, this has a long-term investment period of 115 months. KVP has three types of accounts and all three accounts have the same interest rate of 7.5%.

Post Office Kisan Vikas Patra Details:

1. Objectives:

• The main objective of the Post Office Kisan Vikas Patra – KVP scheme is to provide financial independence to Indian citizens mainly to the rural people.

2. Types of Account:

• Single Holder Type Certificate: One adult or One minor.
• Joint ‘A’ Type Certificate: This is issued jointly to two individuals and is payable to both individuals or only to the survivors.
• Joint ‘B’ Type Certificate: Also, this is issued jointly to two individuals and is payable to any one individual or only to the survivors.

3. Key features:

Eligibility:

• Indian citizen above the age of 18 years.
• Also, Minors below the age of 18 years can apply with the help of guardians or parents.
• Moreover, NRI (Non-Resident Indian) and Hindu Undivided Families (HUF) are not eligible.

Investment limit:

• Minimum Investment Rs. 1,000.
• Maximum Investment has no limitation.

Interest Rate:

• The Interest rate of KVP is 7.5% which is compounded annually.
• Indian Government modifies the interest in each quarter.
• Also, the investment period for KVP is 9 years 7 months (115 months).

Tax:

• The interest amount is taxable for KVP.
• TDS (Tax Deducted at Source) is exempt from the maturity amount.

Example:

If you make an investment of Rs. 1000, it doubles after 9 years and 7 months and the maturity amount will be Rs.2000

4. Applying for KVP:

• Can get the Kisan Vikas Patra certificate in any post office.
• Cash, demand draft, cheque, and pay order are the modes of deposit.

5. Premature Closure:

• In case of any emergency, close the account after 30 months (2 years and 6 months).
• Also, if the account holder is dead or by the issuance of the court order, the account can be closed.

6. Transfer:

• Transfer of account from one person to another. A transfer form needs to be submitted to the Post office
• On the death of the account holder to the nominee or legal heir.
• Also, on the death of one joint holder to another.
• By any court order.

7. Nomination

• Assign nominees, to avail of the KVP at the time of the account holder’s death.

Benefits:

• Security: The Indian Government recognized investment scheme.
• Chance of doubles: Investment doubles after 115 months.
• Easy premature closure: During the time of emergency, the account can be closed after 30 months from the account opening.

KVP Document Required:

• Proof of identity such as Aadhar Card, Voter Card, Pan Card, Driving License, and Passport .
• Address Proof.
• Passport-size photograph along with the application form.

Post Office Kisan Vikas Patra application process:

Offline:

• Firstly visit the nearest Post office.
• Then get the application form of KVP, Form A, and fill out the form.
• Submit the form along with the required documents such as Address and Identity proof.
• After the verification of documents, make the deposit payment either as cash, cheque, or demand draft.
• Finally, get the KVP certificate, which will be used at the time of maturity.

Online:

• Firstly, Visit the Post office e-Banking website.
• Then, log in using your credentials.
• Select the Kisan Vikas Patra.
• Also, Enter the details, investment amount, mode of payment, and type of account
• After completing the above, fill out the nomination form and submit the required documents to your post office.
• After the verification of documents, make the deposit payment either as cash, cheque, Pay order, or demand draft.
• Finally, get the KVP certificate

Note:  Certificate will consist of the details such as deposit amount, maturity date, maturity amount, KVP Certificate Number, and also details about the account holder.

Who can invest?

• The person who wishes to make a risk-free investment can avail of KVP.
• Further, people who prefer low-risk investment, Pensioners, and rural people can make use of this scheme

Moreover, Kisan Vikas Patra is a safe, secure, and reliable investment opportunity for the people. Also, it provides financial independence for the future.

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