Kisan Vikas Patra Scheme Application Form | Kisan Vikas Patra Maturity Period | Kisan Vikas Patra Interest Rate
KVP is a government-funded scheme, initially, it was started for the farmers but now anyone can get the benefits of this scheme. Under this scheme, investors get double of their investment amount. Today in this article we are going to discuss everything about the scheme like its eligibility criteria, required documents, objectives, benefits, important highlights, the application process, etc. So to know more stay connected with us.
Kisan Vikas Patra Scheme
It is a government-owned long-term saving scheme started by the Indian Post in 1988 with the objective of encouraging countrymen for saving schemes and providing them with a secure future. Under the Kisan Vikas Patra Scheme, the resident can invest a minimum of Rs 1000 and there is no upper investment limit. Under this scheme, the investor gets a guaranteed double of their investment amount after 115 months. This is a government-owned saving scheme so this is a completely secure saving scheme if you want to invest in a long-term saving scheme then it is one in which you can invest blindly.
Kisan Vikas Patra interest rate April-June 2023 is 7.5%. If you are interested and want to apply for this scheme then you can visit your nearest bank and post and apply through there.
|About||Kisan Vikas Patra (KVP)|
|Started By||Indian Post|
|Concerned Authority||Ministry Of Finance, Govt Of India|
|Objective||To Promote The Nature Of Saving|
|Beneficiary||Residents Of India|
|Investment Amount||Minimum Rs 1000.|
|Maturity Period||9 Years 5 Months|
|Official Website Of Indian Post||Click Here|
Benefits Of The KVP Scheme
- Long-Term Saving: The KVP account is a long-term saving scheme. under this scheme, account holder money will get doubled in 115 months. The minimum amount to invest under this scheme is Rs 1000 and there is no upper limit to the investment.
- Security: KVP Scheme is a government saving scheme so residents do not have to think of the loss, the returns are fixed and secure under this scheme.
- Fixed ROI: ROI is fixed on the amount that you are investing. It is guaranteed that you will get doubled of your invested money in 115 months.
- Collateral For Loan: KVP account holders can easily get loans against their KVP investment.
Interest Rates For Post Office Savings Schemes
|Quarter||Notified On||ROI based on FIMMDA Month-end G-sec|
|April – June||15th March||Dec-Jan-Feb|
|July – September||15th June||Mar-Apr-May|
|October – December||15th September||Jun-Jul-Aug|
|January – March||15th December||Sep-Oct-Nov|
Kisan Vikas Patra Account Types
- Single Holder Type Certificate: Its type of KVP account is issued to an adult individually for himself or on behalf of a minor.
- Joint A Type Certificate: This type of KVP account is issued jointly to 2 adults and is paid to both the owners and the survivor.
- Joint B Type Certificate: This type of KVP account is issued jointly to two adults and is paid either to the owners or to the survivor.
KVP Eligibility Criteria
- The applicant must be an adult and a resident Indian.
- The age of the applicant should be more than 18 years or the applicant can apply for Kisan Vikas Patra in their name on behalf of a minor.
- Trusts are eligible to invest in Kisan Vikas Patra. HUFs (Hindu Undivided Family) and NRIs are not eligible to invest in KVP.
Documents Required for Kisan Vikas Patra
- Form A
- Form A1 (If the application is submitted via an agent)
- KYC documents (Aadhaar card/Passport/PAN card/Voter ID)
Kisan Vikas Patra Interest Rate
According to the official notification of the Finance Ministry, the new KVP rate for April-June 2023 is 7.5% and the account will now mature in 115 months. The previous rate for Kisan Vikas Patra was 7.2%.
How To Apply For Kisan Vikas Patra Scheme?
- First of all, you have to visit your nearest post office.
- Now take the application form A from the post office or you can download it from the given link. If the investment is being made with the help of an agent, then the agent has to fill out Form-A1.
Kisan Vikas Patra Application Form A
- Now fill in all the details asked in the application form and attach documents with it and submit it to the post office.
- After verification KVP certificate will be issued and sent to the registered email id.
How to add Kisan Vikas Patra Nominee?
You can add a nominee at the time of purchase or if you haven’t added a nominee at the time of purchase, you can add it later, all you need to do is collect Form C from the post office and submit it to the post office or bank from where you have your KVP account. In case of the death of the sole holder / joint holder, the benefit will be provided to the nominee
Kisan Vikas Patra Yojana Encashment
- If you want to encash the KVP certificate, you can get it at the post office where the KVP was issued.
- If you want to encash it in any other post office then you have to submit your identity proof which was submitted at the time of purchase of the KVP certificate.
- To encash the KVP certificate, you have to submit identity proof and a letter in writing to the concerned post office.
If you want to withdrawn principal before maturity, you can do so only after 2 years and 6 months but under the following circumstances.
- Conditions to Kisan Vikas Patra prematurely encashed are:
- If ordered by the court.
- On forfeiture or seizure by a Gazetted Officer.
- On the death of the KVP holder or any of the holders in case of Joint KVP.
How To Transfer Kisan Vikas Patra Account?
A Kisan Vikas Patra Account or certificate can be transferred from one Post Office to the other or from one person to another.
From One Post Office To The Other: A KVP account can be transferred from one post office from where it was originally bought to another post office. To transfer the Account, the investor has to submit a handwritten consent to the post office. The transferee must be a resident Indian and must be eligible to purchase a KVP certificate.
From One Person To Another: To transfer an account from one person to another, applicants have to submit a written letter to the Post Office. They have to fulfill the following criteria:
- Transfer in the name of the deceased to his heir.
- From single owner to joint owner.
- From joint owners to in the name of any one of the owners.
- From the owner to the judge of law and also to such other persons as the court may order.
How To Take a Loan Against KVP?
The Kisan Vikas Patra account holder can get a loan against the KVP. The following are the conditions for availing loan against KVP:
- Kisan Vikas Patra should be in the name of the loan applicant.
- Applicants can get loans only for business or personal purposes. No loan can be taken for a speculator.
- Different banks have different charges and interest rates. The charges can change from time to time and select banks may charge a processing fee for the loan grant.
- The loan should be repaid within the tenure of the KVP.
- The margin and loan amount will be decided by the bank based on the KVP investment and maturity.
NOTE:- Stay connected to our website Yojanasarkari for information about any scheme related to Central Government and State Government.
What is Kisan Vikas Patra Scheme?
t is a government-owned long-term saving scheme started by the Indian Post in 1988 with the objective of encouraging countrymen for saving schemes and providing them with a secure future.
How To Invest In Kisan Vikas Patra?
You can simply go to your nearest bank or post office and invest in KVP by just filling out the application form.
In how many years does the Kisan Vikas Patra double?
After 115 months i.e. 9 years and 5 months, you will get double of your invested money.
What is the interest rate of Kisan Vikas Patra in 2023?
the new KVP rate for April-June 2023 is 7.5%
Kisan Vikas Patra maturity period?
The maturity period of KVP is 115 months, i.e. 9 years and 5 months.