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The Kisan Vikas Patra (KVP) is a savings certificate scheme by the Indian Government designed to help Read More... small savings grow, where your investment doubles in 115 months. Read less
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Thinking of where to put your savings so they grow steadily? The Kisan Vikas Patra (KVP) scheme could be your answer. It's a popular government-backed savings option that has been around for a long time, helping many Indians grow their money safely.
What is the Kisan Vikas Patra (KVP) Scheme?
Launched by the Government of India, the KVP scheme allows you to invest in certificates. These certificates offer a fixed return over a specific period. It’s a straightforward way to invest, with the promise of doubling your money.
Who is this scheme for?
This scheme is mainly for individuals looking for a secure way to invest their savings. Whether you are an adult looking to invest for yourself, on behalf of a minor, or jointly with another adult, KVP is an option. Parents or guardians can also open accounts for minors or individuals who are not of sound mind.
Why is the KVP Scheme a good choice?
The KVP scheme offers a reliable way to grow your money. It's backed by the government, making it a secure investment. The scheme’s core benefit is that it doubles your investment over a fixed period, providing a predictable return for your savings.
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Who Can Apply for Kisan Vikas Patra?
To be eligible for the Kisan Vikas Patra scheme, you need to meet these conditions:
- You must be a resident of India.
- Parents or guardians can invest on behalf of a minor or someone who is not of sound mind.
- If a minor is opening the account themselves, they must be at least 10 years old.
About Deposits:
- You can start investing with a minimum of ₹1000. After that, you can add any amount in multiples of ₹100.
- There is no limit to the maximum amount you can deposit, either in a single account or across multiple accounts you hold.
- An individual can open as many KVP accounts as they wish.
Important Information on Maturity:
- For accounts opened between December 12, 2019, and March 31, 2020 (inclusive), the maturity period is 9 years and 5 months. Your deposit will double upon maturity.
- For accounts opened on or after April 1, 2020, the maturity period is 10 years and 4 months. Your deposit will also double upon maturity.
- The exact maturity period for your deposit will be determined by the interest rate that was applicable when you first opened the account.
How to Open a Kisan Vikas Patra Account
Opening a KVP account is straightforward. You can follow these steps:
- Visit your nearest Post Office or an authorized bank branch that offers small savings schemes.
- Fill out the application form for a Kisan Vikas Patra certificate.
- You can present the application in person or through an authorized agent.
- Complete the necessary formalities and make your deposit.
Documents You'll Need
To open a Kisan Vikas Patra account, please keep the following documents ready:
- A recent passport-sized photograph.
- Your Aadhaar Card.
- A copy of your PAN card.
- Proof of your age, such as a Birth Certificate.
- For identification and address proof, you can also use any of these officially recognized documents:
- Passport
- Driving License
- Voter’s ID card
- NREGA Job Card (signed by a State Government officer)
- Letter from the National Population Register (containing your name and address)
FAQ’s
When does my Kisan Vikas Patra deposit mature?
The maturity period depends on when you opened the account. For accounts opened between December 12, 2019, and March 31, 2020, it's 9 years and 5 months. For accounts opened on or after April 1, 2020, the maturity is 10 years and 4 months. The actual doubling period is 115 months based on the interest rate at the time of opening.
Can I take out my money before the KVP matures?
Yes, you can encash your KVP prematurely. This is allowed under specific circumstances: if the account holder dies, if there's a court order, if the pledgee (like a bank) forfeits it, or importantly, any time after 2 years and 6 months from the date you made the deposit.
How much interest does the Kisan Vikas Patra offer?
The KVP scheme provides an annual interest rate of 7.5%, which is compounded annually. This means your money grows steadily over time.
Can two people open a KVP account together?
Yes, KVP accounts can be opened jointly by up to three adults. The money can be paid to all account holders jointly or to the survivor(s).
Is there a limit on how much I can invest in KVP?
No, there is no maximum limit for how much you can invest in a Kisan Vikas Patra account or across all your KVP accounts. You can invest a minimum of ₹1000 and any sum thereafter in multiples of ₹100.
How do I open a KVP account?
You can easily open a KVP account by visiting your nearest Post Office or any bank authorized to sell these certificates. You'll need to fill out an application form and submit it with your initial deposit.
What happens to my investment in Kisan Vikas Patra?
Under the KVP scheme, the amount you invest doubles in 115 months, which is about 9 years and 7 months. This is a key feature of the scheme.
Can I transfer my KVP certificate to another person?
Yes, KVP certificates can be transferred from one person to another with the written consent of a Post Office or Bank official. The person receiving the certificate must also be eligible to purchase it.
Who is eligible to open a Kisan Vikas Patra account?
Any Indian resident can open a KVP account. This includes adults investing for themselves, parents/guardians investing for minors or individuals of unsound mind, and minors who are at least 10 years old.
What is the minimum investment required for KVP?
The minimum amount you can invest in a Kisan Vikas Patra account is ₹1000. You can invest further in multiples of ₹100.
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