How To Open Kisan Vikas Patra Account: Return, Minimum Investment Rules And Other Details
- Minimum balance needed: A Kisan Vikas Patra account can be opened in a post office against a minimum of Rs 1,000. The investor can pick any amount in multiples of Rs 1,000 to invest in Kisan Vikas Patra, according to the India Post website.
- Maximum balance permitted: India Post has no upper limit on the amount that can be invested in a Kisan Vikas Patra (KVP) account.
- Who can open a Kisan Vikas Patra account? Kisan Vikas Patra certificates can be purchased in three modes: by an adult for self, on behalf of a minor by an adult, or by two adults. This means that the investment can be made singly or jointly.
- Where to invest in Kisan Vikas Patra? KVP certificates can be purchased from any departmental post office, according to India Post.
- Nomination: The KVP account supports a nomination facility, and can be transferred between two persons or post offices.
- KVP encashment: The Kisan Vikas Patra certificate can be encashed after a period of two and a half years from the date of issue, according to the post office website.
- Interest rates revision: Interest rates applicable to Kisan Vikas Patra and other small savings schemes are revised by the government on a quarterly basis.
- Interest rate, maturity period of KVPs: Earlier this year, the government hiked the interest rate on Kisan Vikas Patra by 0.4 per cent, and reduced its maturity period by six months.
- Maturity proceeds of KVPs: In other words, money parked in Kisan Vikas Patra is doubled on maturity, which is nine years and four months away from the date of investment.
- Interest calculation: The interest on KVP is calculated on an annual basis, just like small savings schemes such as Public Provident Fund (PPF), National Savings Certificate (NSC) and Sukanya Samriddhi.
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