Kisan Vikas Patra, commonly known as KVP is one of the best small savings schemes offered by the Post Office. Check its benefits here.
While many of us will have several plans for investment and savings, a wisely chosen option is surely going to make us reap long term benefits.
Kisan Vikas Patra, commonly known as KVP is one of the best small savings scheme offered by the Post Office. At present, KVPs are offering an interest rate of 6.9% compounded annually. As per the current interest rate, a KVP can double your money in 124 months or 10 years and four months.
Meanwhile, for most bank FDs the interest is lower than 6%. Thus the interest rate offered by Kisan Vikas Patra makes it look more attractive.
At a minimum amount of Rs 1,000, the KVP account can be opened and thereafter in multiples of Rs 100. There is no maximum limit. A KVP can be opened at any post office.
Here are more details about Kisan Vikas Patra.
Kisan Vikas Patra: Account opening
1. Single adults can open a Kisan Vikas Patra (KVP) account. Three adults can open a joint account.
2. A guardian on behalf of a minor or on behalf of a person of an unsound mind can also open an account.
3. A minor above 10 years can get his KVP account in his or her own name.
Under this scheme, any number of accounts can be opened.
Premature closure of account
KVP account can be prematurely closed any time before maturity, subject to the below conditions.
a) If there is the death of a person with a single account or all the account holders in a joint account.
b) On forfeiture by a pledgee being a Gazette officer
c) If court orders
d) From the date of deposit, after 2 years and 6 months
Transfer of KVP
KVP Certificate can be transferred from one person to another and from one post office to another. Certificates can be encashed after two and a half years from the date of issue.
KVP can be transferred under the following conditions-
(i) On the death of account holder to nominee/legal heirs.
(ii) On the death of account holder to joint holder(s).
(iii) On order by the court.
(iv) On pledging of account to the specified authority.
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