Kisan Vikas Patra scheme is one of those saving avenues that help individuals accumulate wealth over time without harbouring a fear of any associated risk. Currently, it is one of the most popular savings schemes launched by the government of India that operates to mobilise savings and inculcate a healthy investment habit among individuals.
To invest in the Indira Vikas Patra or Kisan Vikas Patra scheme, individuals are required to learn as much as possible about the said scheme and become familiar with its functioning to make the most out of it.
The Kishan Vikas Patra scheme was launched in 1988 as a small saving certificate scheme. Its main objective was to encourage people to adopt long-term financial discipline. At the time of launch, this scheme was directed towards farmers and, therefore, the name. But today, anybody who fulfils its eligibility criteria can invest in it.
The Kisan Vikas Patra post office scheme comes with a preset tenure of 113 months and extends assured returns to the individuals. Anybody can avail it in the form of a certification from any branch of India Post Offices and selected public sector banks.
The KVP Scheme accounts are of three types –
To avail the scheme’s benefits, individuals must meet the Kisan Vikas Patra 2021 eligibility criteria mentioned below –
The list mentioned below offers a brief idea about the same –
Eligible individuals can avail the scheme Kisan Vikas Patra in 2022 by offering the required documents.
Here is a list of documents that are deemed necessary for the same –
On providing these documents mentioned above, applicants would be offered a KVP certificate. In the event of loss or damage of Indira Vikas Patra or Kisan Vikas Patra certification, individuals can apply for a copy of the same. Such an application can be made through the institution where the certification was availed in the first instance.
Individuals can withdraw their proceeds either on maturity or before maturity. If an individual opts to withdraw their investment sum within a year of purchase, they will not accrue any interest on it. Moreover, they would incur a penalty for it.
Certificate holders, whether single or joint, can make a nomination by filling out Form C at the time of purchase. You may nominate anyone so that the nominee will be eligible for the certificate’s benefits in the case of the death of the sole holder or both joint holders.
If the nomination is not made at the time of purchase, the single holder, joint holders, or surviving joint holder can make a nomination at any time after the certificate is purchased but before it matures by completing the duly completed Form C. Submit it to the postal or bank person who registered the certificate.
Nominations may be made, however, if the certificate is applied for and held by or on behalf of a minor. If the holder or holders of the certificate make a nomination in this situation, the nomination will be cancelled or revised using Form D.
Q1. I’ve misplaced my KVPs. How does one go about obtaining a duplicate certificate?
To obtain a duplicate KVP certificate, write to the Post Office of KVP issue and include the identity slip that was provided at the time of issue. The identity slip will prove that you own KVPs. If you have misplaced or lost your identity slip, please contact the Post Office where it was issued for further information.
Q2. Is it legal for cooperative societies and cooperative banks to invest in Kisan Vikas Patra (KVP)?
Cooperative Societies and Cooperative Banks are not permitted to invest in Kisan Vikas Patra (KVP).
Q3. Is it possible for NRIs and HUFs to invest in the KVP scheme?
No, the KVP plan is exclusively available to residents. NRIs and HUFs may not invest in Kisan Vikas Patra.
Q4. What is the current interest rate that can be generated using this scheme?
The current interest rate on this programme is 6.9% for the first quarter of FY 2021-22.
Q5. Where may a Kisan Vikas Patra (KVP) be cashed?
The certificate holder can cash a Kisan Vikas Patra at the bank or post office where the certificate was issued.