Post Office KVP Scheme: Post Office Scheme Kisan Vikas Patra is getting 7.5 percent annual interest. This is more than the interest received on 5-year FDs of major banks like SBI, HDFC Bank, ICICI Bank and PNB.
Kisan Vikas Patra, Post Office Investment Scheme: The government scheme Kisan Vikas Patra (KVP) being run in the name of farmers through the post office is getting 7.5 percent annual interest. This is more than the interest received on 5-year FDs of major banks like SBI, HDFC Bank, ICICI Bank and PNB. Kisan Vikas Patra is such a scheme in which there is a guarantee of doubling of your deposited capital.
Kisan Vikas Patra is a one-time investment scheme issued by the Government of India, where your money doubles in a fixed period. At 7.5 percent interest, this scheme doubles one’s investment in 115 months. Whereas the FDs of major banks are taking 120 months or even more. Most of the big banks are giving interest between 6.5 to 7.15 percent per annum on a normal FD of 5 years.
Who can invest in KVP
The investor 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, which has to be looked after by the guardian. This scheme is also applicable for trusts except Hindu Undivided Family i.e. HUF or NRI.
KVP has certificates of Rs 1000, Rs 5000, Rs 10,000 and Rs 50,000, which can be purchased. However, on investing in KVP, you have to pay tax on the amount of profit earned. The exemption given under section 80C does not apply to this scheme.
KVP: Documents required for 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
How to open KVP account
- You can open an account by filling the form by visiting any nearby post office. Apart from this, the form can also be downloaded online.
- The full name, date of birth and address of the nominee should be written on the form.
- The amount of purchase amount should be clearly written in the form.
- The amount of KVP form can be paid through cheque or cash.
- If paying through cheque, please write the cheque number information on the form.
- Make it clear in the form on what basis KVP single or joint ‘A’ or joint ‘B’ membership is being purchased.
- If it is purchased jointly, then write the names of both the beneficiaries.
- If the beneficiary is a minor, then write his date of birth (DOB), name of parents, name of guardian.
- On submission of the form, Kisan Vikas Certificate will be provided with the name of the beneficiary, maturity date and maturity amount.
Account transfer facility
People investing in Kisan Vikas Patra are being given the facility to transfer their account under certain conditions and circumstances. After the death of the Kisan Vikas Patra account holder, the account will be transferred to his nominee or legal heir. Also, in case of death of any of the joint account holders and on the orders of the court, the account can be transferred.
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