Kisan Vikas Patra

Kisan Vikas Patra is a saving certificate scheme which was first launched in 1988 by India Post. It was successful in the early months but afterwards the Government of India set up a committee under supervision of Shyamala Gopinath which gave its recommendation to the Government that KVP could be misused. Hence the Government of India decided to close this scheme and KVP was closed in 2011 and the new government re-launched it in 2014.

The Kisan Vikas Patra is a government-supported investment initiative designed for individuals looking for a stable, long-term financial strategy without exposure to risks. This program guarantees the doubling of the invested sum within 10 years, presently attainable in only 115 months with an interest rate of 7.5%.

As Per the latest guidelines, the Kisan Vikas Patra doubles your money in 115 months. This article will provide a comprehensive overview of the "Kisan Vikas Patra" (KVP). If you have any questions or uncertainties, please feel free to leave a comment with your query. Over time, the KVP has played a pivotal role in fostering a culture of savings and financial responsibility, actively contributing to individuals' financial inclusion and empowerment nationwide.

Kisan Vikas Patra can be purchased by :
 * An adult in his own name, or on behalf of a minor
 * A Trust
 * Two adults jointly

Interest income
The amount (Principal) invested in Kisan Vikas Patra would get doubled in 115 months as per existing rate of interest. The rate of interest is 7.5%, compounded annually.

Kisan Vikas Patra Benefits

 * Assured Returns
 * Ease of access
 * No Maximum Investment Limit
 * Low Risk
 * No Income Tax Deduction

Investment limitations
KVP certificates are available in the denominations of ₹1000, ₹5000, ₹10000 and ₹50000. The minimum amount that can be invested is ₹1000. However, there is no upper limit on the purchase of KVPs.

Kisan Vikas Patra Eligibility Criteria
To avail of the benefits of the Kisan Vikas Patra 2024 scheme, it is essential to meet the specified eligibility criteria. The comprehensive list of requirements for eligibility in Kisan Vikas Patra 2024 is detailed as follows:


 * 1) Residency Requirement: Applicants must be residents of India.
 * 2) Age Criteria: Individuals must be a minimum of 18 years old to qualify.
 * 3) Minor Applicants: In the case of minors, a guardian can apply on their behalf. Minors aged 10 years and above have the option to independently open an account under the scheme.

How to Apply for Kisan Vikas Patra
To initiate the KVP application process,


 * 1) Visit your preferred Post Office or Bank in your vicinity.
 * 2) Request Form 1 and meticulously complete the application form with accurate details.
 * 3) If you are assisted by an agent, it is essential to fill out an additional form, Form 1A.
 * 4) Ensure the attestation of any KYC documents, including but not limited to Aadhar Card, PAN Card, Passport, Voter's ID, Driving License, among others.

Tax benefits
Kisan Vikas Patra does not offer any income tax benefits to the investor. No deduction u/s 80C is allowed on investment and the interest received upon maturity/withdrawal is fully taxable. However, withdrawals are exempted from Tax Deduction at Source (TDS) upon maturity.

Withdrawal
The amount of KVP can be withdrawn after 115 months (9 years and 07 months). The Premature encashment of a KVP is 2 years 6 months (30 months) but pre-closure fee applicable. The certificates can be encashed in event of the death of the holder or forfeiture by a pledge or on the order of the courts.