Kisan Vikas Patra: Double Your Investment Through This Post Office Scheme; Know Eligibility, Rate of Interest & Other Details

Want to double the money of your investment in 124 months? Then, invest now in post office scheme of Kisan Vikas Patra. This is a very popular small saving scheme which is supported by the central government and launched by India Post in 1988. Investing in Kisan Vikas Patra scheme guarantees secured investment and profitable returns in future. The rate of interest for this scheme is fixed by the government on a quarterly basis.

It is to be noted that Kisan Vikas Patra (KVP) scheme currently offers an interest rate of 6.9% and can be purchased at a minimum investment of Rs 1000 in multiples of 100 with no maximum limit. This scheme guarantees returns and thus makes it a risk free investment option.

Eligibility of Kisan Vikas Patra scheme

1. This scheme can be purchased by any Indian citizen who is above the age of 18 years.

2. It can be purchased by a single adult and can also be purchased jointly by a maximum of 3 adults.

3. One can easily avail KVP scheme from the nearest post office.

4. Kisan Vikas Patra scheme finds resonance with individuals in rural parts of the country.

5. You can apply for Kisan Vikas Patra in your own name or on behalf of a minor.

6. Trusts are also eligible to invest in this KVP scheme. HUFs (Hindu Undivided Family) and NRIs are not eligible to invest in this scheme.

7. An adult can also purchase this scheme on behalf of a minor. (Individuals who are buying this scheme in the name of a minor should put a correct date of birth of the minor along with details of the parent/guardian. The minor should be above 10 years)

How to get Kisan Vikas Patra scheme?

1. KVP scheme is issued in the shape of Passbook & can be purchased from any Departmental Post office. Interestingly, this scheme provides facility of nomination.

2. Also, the certificate can be transferred from one person to another and from one post office to another.

3. Certificate can be encashed after 2 and a half year from the date of issue.

4. Applicants must note that the minimum locking period is 30 months and the amount can be withdrawn after this period. The proceeds of maturity will continue to accrue interest till the final amount is withdrawn.

5. However, KVP scheme offers no incentive as the interest on it is taxable on accrual basis. It is taxed as Income from Other Sources.

How to Apply for Kisan Vikas Patra?

Read below the Kisan Vikas Patra Online and Offline Process

• First, get a KVP application form or Form-A, from the post office.

• Then, fill in all the important details & submit it at the post office.

• If the investment is made through an agent then a second form will have to be filled up and submitted. The agent should fill in Form-A1.

• Both the forms are available for download on the official website - https://www.indiapost.gov.in/. The forms can be downloaded online, filled and submitted.

• You must provide a copy of your identity proofs for KYC process. You can use Aadhaar Card/ Driving Licence/Passport/ Voter ID Card/PAN Card.