The Kisan Vikas Patra is a certificate that can be purchased from India Post which is provided in the form of a saving certificate where the amount that is invested will double in 8 years 4 months (100 months) time. This scheme was first launched by India Post in 1988. Though this scheme was successful right from its inception, a committee was setup by the Government of India that was led by Shayamla Gopinath, which gave the recommendation that there were possibilities that the Kisan vikas patra(KVP) could be misused. As a result of this conclusion, KVP was shut down in 2011, but the new government that formed in 2014 decided to re-launch this scheme.
KVP can be purchased from any Departmental Post Office. The minimum deposit amount is Rs. 1000, there is no maximum limit fixed. This saving schemes certificate can be purchased by an adult for themselves or on the behalf of a minor. It can also be purchased by 2 or more adults. This certificate can only be encashed after a minimum of 2 and a half years.
Transferring of Kisan Vikas Patra (KVP)
KVP can be transferred in two ways –
- Transfer of KVP from one Post Office to another
- Transfer of KVP from one person to another
Transfer of KVP from One Post Office to another Post Office
A KVP certificate can be transferred from the Post Office where it was bought to any other Post Office from the owner(s) by making it program through a form set down by the Post’s Director General at either of the Post Offices. This program will be finalized by both the owners in case of a combined type certification. In case one of the owners is deceased, the program can be finalized by the remaining owner.
Transfer of KVP from One Person to another Person
A KVP certificate can be transferred from one person to another person in the following instances –
- A KVP certificate can be transferred or exchanged if approval is sought from the Head Postmaster and the Sub Postmaster, where both belong to the Post Office where the certificate was initially released.
- A KVP certificate can be transferred from the company to its worker on behalf of whom the certificate was initially bought.
- A KVP certificate can be transferred from The Cooperative Financial Institution or Community, The Planned Financial Institution or The Reserve Financial Institution of India to its customer or participant.
- A KVP certificate can be transferred from a Gazetted Government Officer and/or from the regional power to any system/finance/individual and on behalf of whom this certificate was organized and when this certificate was not released in the name of whom it was organized (system/finance/individual).
- A KVP certificate can be transferred from the deceased owner’s name to their heir.
- A KVP certificate can be transferred from the judge of law and/or to another individual under the orders of the law court.
- A KVP certificate can be transferred from one owner to a set of combined owners.
- A KVP certificate can be transferred from combined owners to the name of one of the combined owners or the remaining owner.
In what ways can the Kisan Vikas Patra be transferred?
The Kisan Vikas Patra or KVP can be transferred from either one Post Office to another or from one person to another.
If the owner of the KVP certificate is deceased, who will the certificate get transferred to?
If the owner of the KVP certificate is deceased, the certificate can be transferred from the deceased owner’s name to their heir.
If the KVP certificate was initially owned by one person, can it transferred to more than one individual?
Yes. A KVP certificate transferred from one owner to a combination of combined owners. The certificate can also be transferred from a set of combined owners to the name of one of the combined owners or the remaining owner.
If my company purchased the KVP certificate on my behalf, can I get it transferred to my name?
Yes. A KVP certificate bought by a company can be transferred to its worker on behalf of whom the certificate was initially bought.
When I want to transfer my KVP certificate, whose approval will I need to get?
You can transfer your KVP certificate if you have sought the approval of the Head Postmaster and the Sub Postmaster, both of whom belong to the Post Office where the certificate was initially released.