You can purchase a Kisan Vikas Patra from any Departmental Post Office in your area. However, you should be aware of the rules and guidelines of Kisan Vikas Patra or KVP before you decide to purchase the same to avoid any surprises.
The Kisan Vikas Patra is a savings scheme certificate that can be purchased from India Post. This 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 which gave the recommendation that there were possibilities that the Kisan Vikas Patra could be misused. As a result of this conclusion, the Kisan Vikas Patra scheme was shut down in 2011, but the new government that formed in 2014 decided to re-launch this scheme.
The Kisan Vikas Patra 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.
Kisan Vikas Patra - Rules and Guidelines
After the relaunch of the Kisan Vikas Patra scheme, the Central Government of India has issued the following kisan vikas patra rules and guidelines with regard to the same:
- Title and commencement - All rules with regard to this scheme will be called the “Kisan Vikas Patra Rules, 2014” and will come into force the day they are published in the Official Gazette.
- The definition of certain words in all the rules, unless otherwise required, will mean the following:
- Act - Government Savings Certificate Act, 1959
- Cash - Cash in Indian currency
- Certificate - Kisan Vikas Patra
- Form - Form annexed to these rules
- Post Office - Any departmental post office in India involved in Savings bank work
- Bank - Any branch of the State Bank of India, all its associate banks and designated branches of commercial and nationalized banks that are authorised for the Public Provident Fund Scheme.
- Application - The process of application for the Kisan Vikas Patra remains the same as that of the Post Office Savings Certificate Rules, 1960
- Denomination of Certificates - Certificates of the Kisan Vikas Patra scheme will only be issued in denominations of rs. 1,000/-, Rs. 5,000/-, Rs. 10,000 and Rs. 50,000/-
- Purchasing the Certificate - Any number of certificates can be purchased of the specified denominations.
- Types and Issue of Certificates - There are three types of certificates for the Kisan Vikas Patra scheme and issued for the following:
- Single Holder Certificate - This certificate is issued to an adult for himself or on behalf of a minor ot to a minor.
- Joint ‘A’ Type Certificate - This type of certificate is issued jointly to two adults and is payable to both the holders jointly or to the survivor.
- Joint ‘B’ Type Certificate - This type of certificate is issued jointly to two adults but payable to either of the two holders or the survivor.
- from the name of the deceased to their legal heir
- from a holder to the court of law or another person under the orders of a court of law
- from a single holder to the names of the joint holder.
- The President of India or Governor of State
- The RBI or a Scheduled Bank or a Cooperative Society including a Cooperative Bank
- a Government agency or a Corporation
- a Housing Finance Company approved by the National Housing Bank and notified by the Central Government of India
- a local authority; provided that the transfer of the certificate on behalf of a minor shall not be permitted under this rule.
KVP Top Pages
- Kisan Vikas Patra
- How to Transfer a KVP Account
- kisan vikas patra online
- KVP Premature Withdrawal
- How to Get Loan on KVP
- KVP Eligibility
- Kisan Vikas Patra Form
- kisan vikas patra Interest Rate
- Kisan Vikas Patra Calculator
- How to Get KVP Duplicate Certificate
- Kisan Vikas Patra Encashment
- Features of kisan vikas patra