Kisan Vikas Patra (KVP)
The Finance Minister re-introduced The Kisan Vikas Patra (KVP) in the budget 2014. The scheme launched in November 2014 by Finance Minister in presence of Minister of Communication & IT.
The Kisan Vikas Patra (KVP) re-Introduced to encourage savings among small investors. As per the scheme amount gets doubled in 110 months (9 years 2 months). Investment in this scheme is allowed to only residents of India.
The minimum amount to be invested in the Kisan Vikas Patra (KVP) is Rs.1000 and there is no limit for maximum. You can invest with any number of maximum amount. The KVP certificate is available in the denominations of Rs. 1000, Rs. 5000, Rs. 10,000 and Rs. 50,000.
The Kisan Vikas Patra (KVP) have a lock in period of 2 Years 5 Months.
Nomination facility is also available in the Kisan Vikas Patra (KVP). KVP Certificate can be transferred from one person to another and from one post to another.
There are no tax benefits under the KVP scheme. TDS@10% will be deducted from interest.
The maturity period of the KVP is 8 years 4 months (i.e. 100 months). On maturity the Kisan Vikas Patra (KVP), the amount invested gets doubled. So if we invested Rs. 1000, on maturity after 8 Years 4 Months (i.e. 100 months) the invested amount gets doubled to Rs.2000.
Kisan Vikas Patra (KVP) types:
There are three types of KVP schemes, you can choose from
1) Single Holder – Issued to an Adult/ on behalf of minor/ to minor.
2) Joint A Type – Issued jointly to 2 Adults, payable to both the holders jointly/ to the survivor
3) Joint B Type – Issued jointly to 2 Adults, payable to either of the holders jointly/ to the survivor
The application forms are available for direct investment (Form A) and for investment through agent (Form A1).
Download form for direct investment – Form A – for direct investment
Download form for investment through Agent – Form A1 – for investment through Agent
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