Kisan Vikas Patra scheme was initiated in 1988 by the Indian Post organization and it is basically the government initiative in order to encourage small savings in the country from an investment point of view. You can apply for the Kisan Vikas Patra scheme by entering the details related to your PAN number and you can be a part of a very prestigious investment scheme if you apply for the Kisan Vikas Patra (KVP) 2024 scheme. We will also share with you all the details of the interest rate calculator so that you can check the rate of interest that you will be present by the concerned organization and we will also share with you all the details of the maturity period for the scheme.
About Kisan Vikas Patra- KVP
Kisan Vikas Patra (KVP) was created by the central government in order to provide a lot of opportunities for the development of various benefits for the farmers of the country who are not able to get proper retirement benefits because of the lack of a financial institution which provides them monetary funds for old age. The farmers will be able to apply for the Kisan Vikas Patra scheme by visiting the official website of India post and they will be provided with the chance to invest small amounts for 124 months and get a 6.9% interest rate. There is no upper limit for your investment and you can invest any amount of money to get the retirement benefit and have a healthy lifestyle.
Also Check: Atal Pension Yojana
Benefits Of Kisan Vikas Patra
The applicant will be provided with the following benefits available to the Kisan Vikas Patra scheme 2024:-
- Kisan Vikas Patra scheme will help you to save a lot of money in the long term and you can start your investment with Rupees 1000 there is no upper limit available in this scheme.
- 100% security will be provided to all of the candidates if they are investing in this Kisan Vikas Patra scheme.
- Kisan Vikas Patra scheme provides fixed interest rates and it will ensure double your principal amount in about 100 months.
- This certificate can also work as a collateral loan for all of the investments.
- The Kisan Vikas Patra scheme is not transferable and it cannot transfer to any other name without permission.
- All of the candidates who have applied for this scheme will be provided tax benefits.
- This will also act as a physical instrument of investment for all of the beneficiaries.
- The scheme has a fixed locked-in period.
Maturity Period
The applicant must follow the following maturity period to apply for the Kisan Vikas Patra scheme presented by the Indian Post:-
- The maturity period for Kisan Vikas Patra was introduced in 2014 is 8 years and 4 months. On maturity, the amount we invest gets doubled. If you invest an amount of Rs.10,000, after 8 years and 4 months, the amount will increase to Rs.20,000. The current interest rate of Kisan Vikas Patra was reduce from 7.6% to 6.9%. therefore, the investment amount will double in 9 years and 5 months to 10 years and 3 months (i.e. 113 months to 124 months) for Q1 of FY2020-21.
Application Fees Of KVP
The applicant must submit the following application fees to be eligible for the different types of activities:-
- Issue of duplicate passbook – Rs. 50.
- Issue of the statement of account or deposit receipt-Rs. 20 in each case.
- Issue of passbook instead of lost or mutilated certificate –Rs. 10 per registration.
- Cancellation or change of nomination –Rs. 50
- Transfer of account – Rs. 100
- Pledging of account – Rs. 100
- Issue of chequebook in Savings Bank Account – No fee for up to 10 leaves in a calendar year and thereafter at Rs. 2 per cheque leaf.
- Charges on dishonor of cheque-Rs. 100
Minimum Amount Account
The applicant will have to submit a minimum amount to be able to apply for the different types of schemes As given below:-
- Minimum of Rs. 1000/- and in multiples of Rs. 100/- No Maximum Limit.
Types of Accounts
The candidates can open an account in the Kisan Vikas Patra scheme by following the following types of specifications:-
- Single Holder Type Certificate: This type of KVP is issued to an adult individually for self or on behalf of a minor.
- Joint A Type Certificate: This type of KVP is issued to 2 adults jointly and is payable to both the owners and to the survivor.
- Joint B Type Certificate: This type of KVP is issued jointly to two adults and is payable to either of the owners or to the survivor.
Interest Rate Calculator
The applicant must check out the details related to the following interest rates for the Kisan Vikas Patra Scheme:-
| Instruments | Interest Rate for Q1 of FY2020-21 (1 Apr 2020 to 30 June 2020) | Interest Rate for Q2, Q3, and Q4 of FY2019-20 (1 July 2019 to 30 March 2020) | Interest Rate for Q1 of FY2019-20 (1 Apr 2019 to 30 June 2019) | Interest Rate for Q3 and Q4 of FY2018-19 (1 Oct 2018 to 31 Mar 2019) | Interest Rate for Q1 and Q2 of FY2018-19 (1 Apr 2018 to 30 Sep 2018) | Interest Rate for Q4 of FY2017-18 (1 Jan 2018 to 31 Mar 2018) | Interest Rate for Q3 of FY2017-18 (1 Oct 2017 to 31 Dec 2017) | Interest Rate for Q2 of FY2017-18 (1 July 2017 to 30 Sep 2017) | Interest Rate for Q1 of FY2017-18 (1 Apr 2017 to 30 June 2017) | Interest Rate for Q3 & Q4 of FY2016-17 | Interest Rate for Q1 & Q2 of FY2016-17 | Interest Rate for FY2015-16 |
| Kisan Vikas Patra (KVP) | 6.9% | 7.6% | 7.7% | 7.7% | 7.3% | 7.3% | 7.5% | 7.5% | 7.6% | 7.7% | 7.8% | 8.7% |
Amount Payables
The applicant will have to pay the following amount by following the premature period presented by the organization in the Kisan Vikas Patra scheme:-
| Premature Payments | Amount payable (Rs.) |
| After 2 years 6 months or more but before 3 years | 1,176 |
| After 3 years more but before 3 years 6 months | 1,215 |
| After 3 years 6 months or more but before 4 years | 1,255 |
| After 4 years or more but before 4 years 6 months | 1,296 |
| After 4 years 6 months or more but before 5 years | 1,339 |
| After 5 years or more but before 5 years 6 months | 1,383 |
| After 5 years 6 months or more but before 6 years | 1,429 |
| After 6 years or more but before 6 years 6 months | 1,476 |
| After 6 years 6 months or more but before 7 years | 1,524 |
| After 7 years or more but before 7 years 6 months | 1,575 |
| After 7 years 6 months or more but before 8 years | 1,626 |
| After 8 years or more but before 8 years 6 months | 1,680 |
| After 8 years 6 months or more but before 9 years | 1,735 |
| After 9 years or more but before maturity | 1,793 |
| On maturity i.e. after 9 years 4 months | 2,000 |
Loan Against KVP
A holder of Kisan Vikas Patra can avail a loan against the same. The following are the conditions for availing of a loan against KVP:-
- The loan applicant must have a Kisan Vikas Patra under his name.
- The loan against KVP can be availed for business or personal purposes only. The loan cannot be availed for any speculative ones.
- Different banks have different charges and interest rates for loans against KVP. The charges vary from time to time and select banks may charge a processing fee for loan grants.
- The loan should be repaid within the tenure of KVP.
- The margin and the loan amount will be decided by the bank based on the KVP investment and maturity.
Rules and Guidelines
The applicant must follow the following rules and guidelines to be eligible for the Kisan Vikas Patra scheme:-
- Title and commencement – All rules with regard to the KVP scheme will be called the “Kisan Vikas Patra Rules, 2014” and will be effective the day they are published in the Official Gazette.
- The definition of certain words in the rules, unless the context otherwise requires, will mean the following:-
- Act – Government Savings Certificate Act, 1959
- Cash – Indian Cash currency
- Certificate – Kisan Vikas Patra
- Form – Form annexed to these rules
- Post Office – Any departmental post office in India doing savings bank work
- Identity Slip – an identity slip issued to the holder of the certificate
- Bank – Any branch of the State Bank of India, all its associate banks and designated branches of commercial and nationalized banks that are authorized for the Public Provident Fund Scheme.
- Denomination of Certificates – Kisan Vikas Patra scheme certificates will issue in denominations of Rs.1,000, Rs.5,000, Rs.10,000, and Rs.50,000 only.
- Application of Post Office Savings Certificate Rules, 1960 – The process of applying for the Kisan Vikas Patra remains unchanged and is the same application process as that of the Post Office Savings Certificate Rules, 1960.
- Purchase of the Certificate – Any number of KVP certificates of the specify denominations can purchase.
- Type of Certificates – The certificate for Kisan Vikas Patra can be issued as one of the following types:-
- Single Holder Certificate – This certificate is issued to an adult for himself or on behalf of a minor or 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.
- Issuance of Certificate – The KVP certificate is issued as soon as the payment is made. The date of the certificate is the same as the date of the payment. If for any reason, the Kisan Vikas Patra Certificate cannot issue immediately, a provisional receipt is issued which can be later exchanged for a certificate.
- The procedure of Purchase of Certificate – The applicant needs to be present and submit an application form to buy a Kisan Vikas Patra. The payment for this certificate can be by cash, a demand draft drawn in favour of the Postmaster or a signed withdrawal form or cheque.
- Transfer of Kisan Vikas Patra Certificate from one person to another person – A Kisan Vikas Patra can transfer from one person to another person by writing to the postmaster requesting the same. The following are the cases in which the transfer can be sanctioned:
- from the name of the deceased to their legal heir
- from a single holder to the name of the joint holder
- from a holder to the court of law or another person under the orders of a court of law.
- Pledging of Kisan Vikas Patra Certificate – On an application made in Form B by the transferor and transferee, the Postmaster may allow the transfer of any certificate as security at any time to
- 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.
- Nomination – The purchaser of the certificate, single or joint holder can nominate any person who in the event of the death of the certificate holder shall be entitled to hold the certificate. The payment of the amount will be made to the nominee at the maturity of the scheme.
- Post Maturity Interest – When the repayment of the amount inclusive of interest is due and has not been made, the interest on the amount due shall be allowed under the following conditions:-
- It will be simple interest and calculated at the rate applicable from time to time to Post Office Savings Account.
- Any part of the period, for payment of interest, that is less than one month shall be ignored.
- The depositor can receive the interest in a lump sum at the time of repayment of the due amount.
- Replacement of destroyed or Lost Certificate – If a Kisan Vikas Patra is lost, damaged or destroyed, the person can apply for a duplicate of the same at the post office or the bank where the certificate was not issued. If the application has been made to a post office or bank where it was not issued, the application will be forwarded to the right location. The application should have the certificate number, amount, and date and the circumstances of destruction, defacement, or loss. A duplicate certificate issued can be treated as an original certificate for all purposes except that it won’t be encashable without prior verification.
- Place of encashment of Kisan Vikas Patra – The certificate can be encashed at the post office or the bank where it was issued. It can also be encashed at another post office or bank provided the issuing authority is satisfied with the verification from the location of the issue and the person holding the certificate.
- Encashment of Kisan Vikas Patra on Maturity – For any denomination of certificate issued, the period of maturity will depend on the interest rate applicable on the date of issue of the certificate. The amount inclusive of interest which is payable while encashing a certificate after the expiry of the maturity period will be double of the deposit amount.
- Premature Encashment of Kisan Vikas Patra Certificate – The certificate can also be encashed before the completion of the maturity under certain circumstances such as the death of the holder or any of the holders, in case of a joint holder, when ordered by a court of law, or on forfeiture by pledge being a Gazetted Government Officer. The minimum lock-in period for this scheme is two and a half years and can be prematurely encashed any time after this period. The simple interest is calculated on the rate from time to time under the scheme.
- Discharge of Certificate – On the encashment of the certificate, the holder will sign at the back of the certificate as a sign of having received the payment.
- Rectification of mistakes – Any clerical and arithmetical mistakes with regard to the certificate can be rectified by the Postmaster General provided it does not cause any financial loss to the Government.
- Power to relax – If a holder is facing undue hardship, the rules may be flexible for them on humanitarian grounds, that is not inconsistent with the Act if record in writing and approved by the Central Government.
Eligibility Criteria
You must follow the following eligibility criteria to apply for this post office scheme:-
- The applicant can fill out the application form for this opportunity if he belongs to one of the following categories-
- (i) a single adult
- (ii) Joint Account (up to 3 adults)
- (iii) a guardian on behalf of a minor or on behalf of a person of unsound mind
- (iv) a minor above 10 years in his own name.
Also Check: Manav Sampada Portal
Kisan Vikas Patra (KVP) 2024 Application Procedure
The applicant must follow the following procedure to apply for the Indian Post scheme:-
- The candidates can get the application form from the nearest post office and then you will have to fill out the application form with your important specifications.
- The candidates will have to first submit the following documents at the desired post office-
- Account Opening Form
- KYC Form (For new customers/modification in KYC details))
- PAN Card
- Aadhaar card, if aadhar is not available the following document may be submit.
- 1. Passport 2. Driving license 3. Voter’s ID card 4. Job card issued by MNREGA signed by the State Government officer 5. Letter issued by the National Population Register containing details of name and address.
- Proof of date of birth/birth certificate in case of a minor account. (Birth certificate is mandatory in Sukanya Samriddhi Account).
- For the Joint Account, KYC documents for all joint holders are submit.
- For minor accounts, KYC detail of guardians to submit
- You need to open the details of your account and then you will be able to apply for the scheme.