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Investment Simplified > Pension & Retirement > Kisan Vikas Patra Scheme: Interest Rate, Features & Benefits
Pension & Retirement

Kisan Vikas Patra Scheme: Interest Rate, Features & Benefits

Monika Mohan
Last updated: 2022/12/14 at 3:05 PM
Monika Mohan Published June 21, 2022 5 Min Read
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KVP Interest Rate What is Kisan Vikas Patra (KVP)?Features of Kisan Vikas Patra Post Office SchemeTaxability on Kisan Vikas PatraKisan Vikas Patra: Premature ClosureKisan Vikas Patra: Eligibility CriteriaHow Can Kisan Vikas Patra Grow Your Money?How to Open a KVP Account Online?Kisan Vikas Patra: FAQs

Kisan Vikas Patra post office scheme is one of the many savings schemes launched by the government of India, to encourage the habit of saving &investment. This is a scheme which rightly boasts of doubling the invested amount in 10 years.

Let’s know about the Kisan Vikas Patra Post Office Scheme in detail, in this post.

KVP Interest Rate

While the interest rate of the Kisan Vikas Patra Post Office scheme keeps changing, the current rate is 6.9%, effective from 1st Oct ’22.

Also Check: KVP Calculator

What is Kisan Vikas Patra (KVP)?

Kisan Vikas Patra or KVP is a certificate scheme offered by India Post (under the Department of Post, Govt. of India). There is zero-risk involved in this scheme as the rate of interest (currently 7% p.a.) is pre-fixed and thus the returns on Kisan Vikas Patra are guaranteed.

Features of Kisan Vikas Patra Post Office Scheme

The following are the basic features of Kisan Vikas Patra of KVP:

  • Minimum Investment Amount: Rs 1,000 (in multiples of Rs 100 thereafter)
  • Maximum Investment Amount: No limit
  • KVP Interest Rate: 7.00% p.a. (effective from 1st Oct ’22)
  • Compounding: Annual
  • Maturity: 123 months (10 years and 3 months)
  • Tax: Interest is taxable under the ‘Income from Other Sources

Taxability on Kisan Vikas Patra

Kisan Vikas Patra or KVP investment does not give income tax benefits. The interest is debited to your account after deducting 10% tax (TDS). Again, upon maturity, i.e. at the time of receiving the principal + interest after the KVP tenure, there will be no tax deductions. The investor will be required to pay income tax as per their applicable tax slab.

Kisan Vikas Patra: Premature Closure

You can close your KVP account before maturity in the following conditions:

(i) On the death of a single account, or any or all the account holders in a joint account
(ii) On forfeiture by a pledgee being a Gazette office
(iii) When order by court
(iv) After 2 years and 6 months from the date of deposit

Kisan Vikas Patra: Eligibility Criteria

The following are the persons who can open an account under the Kisan Vikas Patra Post Office scheme:

  • a single adult
  • Joint Account (up to 3 adults)
  • a guardian on behalf of minor or on behalf of person of unsound mind
  • a minor above 10 years in their own name

How Can Kisan Vikas Patra Grow Your Money?

KVP is a stable saving scheme with minimum risk. Currently, KVP interest rate is 7.0%, which means it would take around 10 years and 3 months (or 123 months) to double your money under the Kisan Vikas Patra scheme. For example, if you purchase the certificate for Rs. 10,000 in 2023, KVP will double this amount in 2032 and you’ll receive Rs 20,000.

Documents Required for Kisan Vikas Patra

The following documents needs to be submitted at any of the Post Offices in India to invest in Kisan Vikas Patra Post Office Scheme:

  • KVP Form (duly filled)
  • ID Proof (Voter ID/Aadhaar/Passport/Driving License/PAN)
  • Account Opening Form
  • Proof of Address
  • Birth Certificate
  • Recent Photograph

How to Open a KVP Account Online?

If you wish to invest in Kisan Vikas Patra online, just adhere to the steps given below:

  • Login to DOP internet banking (Department of Posts, India Post)
  • Open Service Requestslisted under theGeneral Services
  • Now, click theNew Requests
  • SelectKVP Account – Open a KVP Account (For KVP)
  • Enter the minimum deposit amount for KVP
  • Select your debit account linked to your post office savings account
  • Read the T&Cs and agree on these to further the process
  • Enter the transaction password, click onSubmit

Kisan Vikas Patra: FAQs

What is KVP full form?

The full form of KVP is Kisan Vikas Patra.

Who can issue a Kisan Vikas Patra certificate?

Post Offices in India can issue a Kisan Vikas Patra certificate.

Who can invest in Kisan Vikas Patra Post Office Scheme?

Kisan Vikas Patra scheme is open only to individuals. You can open a single account or a joint account (up to 3 participants). A guardian on behalf of a minor or person of unsound mind can also invest in KVP. That said, a minor of more than 10 years of age can also choose t invest in Kisan Vikas Patra scheme.

Where can I encash Kisan Vikas Patra?

The KVP may be cashed at any post office or nationalised bank in India if a transfer certificate to the target post office or bank is acquired.

What is the minimum investment needed for KVP scheme?

The minimum investment in Kisan Vikas Patra is Rs. 1000.

Can I transfer my KVP Certificate to another person?

KVP certificate can be transferred on the death of the account holder(s) to nominee or legal heirs, to other joint holder(s), on court order or on pledging of account to a specified authority.

Is Kisan Vikas Patra available in banks?

Public sector banks as well as 3 private sector banks, viz. ICICI, HDFC and Axis Bank, can accept deposits under the Kisan Vikas Patra post office scheme.

What is Kisan Vikas Patra maturity period?

Currently, KVP will mature in 123 months or 10 years and 3 months.

What is the process to obtain a duplicate Kisan Vikas Patra certificate?

To get a duplicate KVP certificate, you must fill and submit form NC29 along with a photocopy or the original certificate.

Can NRIs & HUFs invest in the Kisan Vikas Patra scheme?

No, NRIs and HUFs cannot invest in Kisan Patra Scheme.

What are the tax benefits for investing in KVP?

There is no tax exemption available for investing in KVP. The interest earned on KVP is taxable.

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By Monika Mohan
Monika Mohan is a writing enthusiast who has luckily turned her passion into profession. For the greens, she has an established foot in the personal finance sector and likes to put forth complex topics in an easy-to-understand manner, minus the jargons. Outside the penny lane, it’s all about poetry, mountains and single-malts.
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