If you are having a savings account in post office and want to invest in a scheme from that you can get the great returns with minimal investment, then invest in Kisan Vikas Patra (KVP)post office scheme. By investing in KVP sachme you can doubling the invested amount in 10 years without any risk. If you want to open a Kisan Vikas Patra account, then you can visit your nearest post office. Through online also you can open a KVP account by visiting the India Post Website.
What is Kisan Vikas Patra (KVP)?
Kisan Vikas Patra or KVP is one of the most popular small saving schemes offered by India Post (under the Department of Post, Govt. of India). At a pre-fixed 7% p.a interest rate, there is zero-risk involved in this scheme with guaranteed return.
Who can Apply for KVS Scheme
- A single adult
- Joint Account (up to 3 adults)
- A guardian on behalf of minor or on behalf of person of unsound mind
- A minor above 10 years in his own name.
Types of Kisan Vikas Patra
- Certification of a Single Holder: Issued to an individual adult or on behalf of a minor.
- Joint A: Issued to two adults jointly. This is payable to both the individuals or the one who survives till maturity.
- Joint B: Issued to two adults jointly and is paid to either of the owners or to the one who survives till maturity.
Features of Kisan Vikas Patra Scheme
- Minimum Investment Amount: Rs 1,000 and in multiple of Rs. 100
- Maximum Investment Amount: No limit
- KVP Interest Rate: 7.00% per annum (effective from 1st Oct 22)
- Compounding: Annual
- Maturity: 115 months or 9 years
- Tax: Interest is taxable under the ‘Income from Other Sources
Eligibility Criteria for Kisan Vikas Patra Scheme
- Applicants must be a residents of India
- Applicants must be over the age of 18 years
- Adults can apply on behalf of a minor
Documents Required for Kisan Vikas Patra Scheme
- KVP Form (duly filled)
- ID Proof (Voter ID/Aadhaar/Passport/Driving License/PAN)
- Account Opening Form
- Address Proof
- Birth Certificate
- Passport size Photograph
To invest in Kisan Vikas Patra Post Office Scheme you need to submit the above Required documents at any of the Post Offices in India.
How to Open a KVP Account?
Through online and offline you can open a Kisan Vikas Patra account.
Offline Process
- To open a Kisan Vikas Patra account offline you have to visit your nearest post office and obtain the KVP application form i.e. Form-A, from the post office.
- Fill the application form by Providing the relevant details and submit it.
- If the investment is being with the assistance of an agent, you need to fill the Form-A1 and submit it.
- Then, for the KYC procedure, you need to provide a copy of any one of the identity proofs.
- After the documents are verified and the required deposits are completed, th KVP Certificate will be issued. You can also received the KVP Certificates via email on your registered email ID.
Online Process
- To open a Kisan Vikas Patra account online, first you have to visit the India Post website.
- Then, login to Department of Posts, India Post internet banking.
- Under the General Services, select the Service Requests option and select it.
- Next, click on the New Requests and select KVP Account – Open a KVP Account (For KVP).
- Then, enter the minimum deposit amount for KVP and select your debit account that linked to your post office savings account.
- Read the Terms & Conditions carefully and agree to it for further process.
- Then, enter the transaction password, and click on Submit.
Kisan Vikas Patra: Premature Closure
- KVP may be prematurely closed any time before maturity subject to the following conditions
- On the death of a single account, or any or all the account holders in a joint account
- On forfeiture by a pledgee being a Gazette officer.
- When order by court.
- After 2 years and 6 months from the date of deposit.
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