About Post Office Kisan Vikas Patra (KVP) Scheme 2024
Central government revises post office small savings scheme interest rates on a quarterly basis. Currently, kisan vikas patra scheme offers 7.5% per annum (compounded yearly) interest rate w.e.f 1 April 2024. Amount invested in Kisan Vikas Patra (KVP) scheme cannot be claimed as deduction under Section 80C of Income tax act. Also KVP interest rate does not levy income tax benefit and interest is subject to TDS @ 10% deduction.
Who can open KVP Account
- a single adult
- Joint Account (up to 3 adults)
- a guardian on behalf of minor or on behalf of person of unsound mind
- a minor above 10 years in his own name.
Deposit in PO Kisan Vikas Patra Scheme
- Minimum Rs. 1000 and in multiple of Rs. 100, no maximum limit.
- Any number of accounts can be opened under the scheme.
Post Office Kisan Vikas Patra Account Interest Rate
From 01.04.2024, interest rates are as follows:-
- 7.5 % compounded annually
- Amount Invested doubles in 115 months (9 years & 7 months)
Kisan Vikas Patra (KVP) Account Opening Form PDF
If you want to open KVP account, then you can follow process here.
- First of all, go to official website indiapost.gov.in
- Once you open homepage, click "Post Office Savings Bank" tab.
- Then page showing Post office savings schemes will open.
- Click at "Kisan Vikas Patra (KVP)" link.
- Link will contain KVP scheme description as well as link to open form for Kisan Vikas Patra scheme will open.
- Click "Forms available" link or https://www.indiapost.gov.in/VAS/Pages/Form.aspx#SavingCertificates
- Click at "Application Form for Purchase of Certificate" link.
- Then Kisan Vikas Patra account opening application form PDF will open on your screen.
- You can download this KVP form, take a printout, fill it manually and submit it at nearest post office branch to open your kisan vikas patra scheme account.
Maturity Period of Kisan Vikas Patra Scheme
The deposit shall mature on the maturity period prescribed by the Ministry of Finance from time to time as applicable on the date of deposit.Pledging of KVP Account
- KVP may be pledged or transferred as security, by submitting prescribed application form at concerned Post Office supported with acceptance letter from the pledgee.
- Transfer/pledging can be made to the following authorities.
- The President of India/Governor of the State.
- RBI/Scheduled Bank/Co-operative Society/Co-operative Bank.
- Corporation (public/private)/Govt. Company/Local Authority.
- Housing finance company.
Premature Closure of Kisan Vikas Patra Account
KVP may be prematurely closed any time before maturity subject to the following conditions:-- On the death of a single account, or any or all the account holders in a joint account
- On forfeiture by a pledgee being a Gazette officer.
- When order by court.
- After 2 years and 6 months from the date of deposit.
Transfer of KVP Account from One Person to Another Person
KVP may be transferred from one person to another person on the following conditions only.- On the death of account holder to nominee/legal heirs.
- On the death of account holder to joint holder(s).
- On order by the court.
- On pledging of account to the specified authority.
Minimum Amount to Open KVP Account
The minimum amount to open kisan vikas patra scheme account is Rs. 1000. There is no maximum investment limit in a single financial year under KVP account.Maximum Balance that can be Retained in KVP Account
An individual can invest any amount in KVP account. Deposits can be made in multiples of Rs. 100 in the account opened under KVP scheme.
If you want to get more details regarding KVP account, go to official website indiapost.gov.in
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