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KVP Kisan Vikas Patra

KVP Kisan Vikas Patra


Kisan Vikas Patra (KVP) is a small savings method that will help people to invest for a long term savings plan. This scheme was launched in 1988 by the Government of India. But after analyzing this scheme, the Government of India realized that this scheme can be misused. They found few loopholes in the scheme. Hence, the Government of India relaunched this scheme after making changes in the policies of the scheme.
Kisan Vikas Patra (KVP) can only be opened through a post office. Currently, it cannot be applied online. However, the application form is available online. It is necessary to visit the post office to open the Kisan Vikas Patra account.

Eligibility for Kisan Vikas Patra:

The customer should be an Indian resident.
The applicant must be an adult.
An adult can also invest on behalf of a minor.
An adult can also invest on behalf of two adults.
Trusts to invest in Kisan Vikas Patra.
Meanwhile, the NRI’s and the Hindu Undivided Family (HUF) cannot invest in this scheme.

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Types of Kisan Vikas Patra:

Single Holder Type Certificate: The KVP is issued to an adult for himself and can be issued on behalf of a minor as well. Joint A Type Certificate:  is issued to two adults. It is payable to both the owners or to the survivor. Joint B Certificate: it certificate is issued jointly to two adults. It is payable to KVP holders jointly or to the survivor.

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Features of KVP Kisan Vikas Patra:

The rate of Interest: Currently the rate of interest incurred on the deposit is 7.6%.
Maturity period: The amount matures after 113 months.
Nominee: There is an option of nominating your family member.
Withdrawal: The money can be withdrawn after two and a half years from the date of issued.
Deposit: The minimum deposit if of Rs.1000 and there is no limit for the maximum deposit.

Benefits of KVP Kisan Vikas Patra:

  • The KVP certificate is offered in different denominations. This gives flexibility to the customers. The denominations vary from Rs. 100 to Rs.50, 000.
  • The return value is double the value of the deposit amount after a period of 8 years and 4 months. There is no risk involved since this initiative is backed by the Government of India.
  • A loan can be taken against the KVP certificate. The customer can withdraw the amount before the maturity period. But this can be done only after two years and six months.
  • Kisan Vikas Patra has transferred one person to another person provides it is approved by the post office.
  • The income from Kisan Vikas Patra is taxable. Although, there is no tax deduction once you receive the entire amount after the maturity period.

Lost or misplaced certificate:
IF your Kisan Vikas Patra is misplaced or destroyed, then you can apply for a duplicate certificate. The duplicate certificate should be applied from where the original certificate was issued. You need to mention the details such as the certificate number, the reasoning of destruction, amount, and date etc.

KVP Kisan Vikas Patra, KVP Kisan Vikas Patra

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