Post Office Kisan Vikas Patra: Kisan Vikas Patra (KVP), included in the Post Office Small Savings Scheme, is being run in the name of farmers, but you can also open an account in it, if you have the necessary eligibility. The person investing in Kisan Vikas Patra must be at least 18 years of age. Apart from single account, there is also a facility of joint account. This scheme is also available for minors, whose guardian has to take care of it. This scheme is also applicable for trusts except Hindu Undivided Family i.e. HUF or NRI.
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The specialty of this scheme is that your deposit amount doubles on maturity. That is, this scheme gives you your money only after doubling it. The current interest rate in Kisan Vikas Patra is 7.5 percent per annum. At the rate of 7.5 percent per annum, your money doubles in 115 months. Kisan Vikas Patra is available in all post offices and big banks of the country. The minimum investment in this is Rs 1000. There is no limit on maximum investment.
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KVP: How to open the account
- If you are eligible, you can open an account by going to any of your nearest post offices and filling the form. The form can also be downloaded online.
- The full name, date of birth and address of the nominee must be written on the form.
- The amount for which the account is being opened should be clearly written in the form.
- The amount for KVP form can be paid through cheque or cash.
- If paying through cheque, write the cheque number information on the form.
- Please clarify in the form whether the KVP membership is being purchased as single or joint ‘A’ or joint ‘B’ membership.
- If it is purchased jointly, then write the names of both the beneficiaries.
- If the beneficiary is a minor, then write his/her date of birth (DOB), parents’ name, parents’ name.
- On submission of the form, Kisan Vikas Certificate will be provided with the name of the beneficiary, maturity date and maturity amount.
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KVP: Documents required to open an account
- Identity proof for KYC process
- Aadhar card
- PAN card
- Voter ID Card
- Driving License
- Passport
- KVP Application Form
- Address Proof
- death of birth certificate
KVP: Rules for depositing money
In Kisan Vikas Patra, you can deposit a minimum of Rs 1000 and any amount in multiples of Rs 100 thereafter. Any number of accounts can be opened under this scheme. KVP has certificates of Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000 which can be purchased.
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Rules for closing the account before maturity
(i) On the death of one or all the account holders in a single account or a joint account.
(ii) on seizure by the mortgagee, being a Gazetted Officer.
(iii) When ordered by the Court.
(iv) After 2 years and 6 months from the date of deposit.
(f) Transfer of an Account from One Person to Another.
KVP: Will there be tax benefits?
On investing in KVP, you have to pay tax on the profit earned. The exemption given under section 80C of Income Tax Act 1961 is not applicable on this scheme. That is, the investment made by you will remain within the scope of income tax, whereas on investment up to Rs 1.50 lakh in a year on small savings like PPF account and NSC, tax exemption is available under section 80C.
(Source: India Post)
