Overview of Kisan Vikas Patra
The Kisan Vikas Patra was initially launched by India Post in the year 1988. Although it was successful since its inception, a committee set up by the Government of India supervised by Shayamla Gopinath gave a recommendation that the KVP could be misused. On event of this, this saving scheme was closed in 2011. However, under the new Government, KVP was relaunched in the year 2014.
Kisan Vikas Patra is a Saving Scheme, wherein the amount that you invest initially, will double in 100 months or 8 years and 4 months. You purchase a KVP in the form of a certificate. The KVP is available in various denominations – Rs, 1,000, Rs. 5,000, Rs. 10,000 and Rs. 50, 000. The minimum amount for deposit is Rs. 1,000, there is no maximum amount. After the lock in period of 2 and a half years from the issue date, the KVP certificate can be encashed. You can purchase a KVP from any Post Office near you.
Kisan Vikas Patra Form
There are two ways to apply for a Kisan Vikas Patra Certificate. You can download the online form, fill it and submit it at the Post Office OR you visit your nearest Post Office and request for a Kisan Vikas Patra form directly. Following are the aspects of the form that you need to pay attention to –
- Please address the form to the Postmaster General of the respective Post Office where you will be submitting your KVP application form.
- Be sure to mention the correct amount for which you would like to purchase the KVP certificate.
- You can pay for the KVP form via a cheque or by cash. If you are making the payment via a cheque, please mention the Cheque No. clearly on the form.
- Please mention if the KVP is purchased singly or is it a joint purchase, for a joint purchase, please be sure to mention both the names on the form.
- If the KVP is purchased on behalf of a minor, be sure to mention the date of birth of the minor and the name of the parent or a guardian by whom the KVP will be encashable.
- If you wish to nominate person(s) for your KVP, please mention their full name and address and if a nominee is a minor, the date of birth is required as well.
- When you submit this form to the Post Office, you will receive a KVP Certificate with your name, the amount, the maturity date and the amount you will receive on the date of maturity.
Frequently Asked Questions
- When is the maturity date for a Kisan Vikas Patra?
- Where can I get the Kisan Vikas Patra form?
- Can a minor purchase the Kisan Vikas Patra Certificate?
- Can I nominate others for my Kisan Vikas Patra Certificate?
- How can I pay for a Kisan Vikas Patra Certificate?
The maturity date for the Kisan Vikas Patra Certificate is 100 months OR 8 years and 4 months. However, you can prematurely withdraw your KVP certificate after the lock in period of 2 and a half years.
The Kisan Vikas Patra form is available online for download. However, you can also get the form any departmental Post Office. You can fill the form then and there and directly submit it with the corresponding documents.
A minor cannot directly purchase the Kisan Vikas Patra certificate, however an adult (parent or guardian) can purchase the certificate on behalf on the minor. The date of birth of the minor should be mentioned on the form along with the name of the parent or the guardian by whom the certificate will be encashed.
Yes. The Kisan Vikas Patra certificate has the nomination facility wherein you can nominate person(s) who will receive the payment of your certificate in event of your death. The details of the nominee(s) should include their name and address. If a minor is nominated, then the date of the birth is also required.
You can pay for a Kisan Vikas Patra certificate by cash or by a cheque. If you choose to pay via a cheque, please be sure to mention the Cheque No. on the application form.