The India Post runs a number of safe small savings programs that provide investors with excellent interest rates. Among these programs is Kisan Vikas Patra, which has the distinct and unique feature of doubling your money over time.
Kisan Vikas Patra gives an annual interest rate of 7.5%, which is similar to the post office’s 5-year time deposit program. Based on this rate of return, your investment in the Kisan Vikas Patra Scheme would double in around 115 months, or 10 years and 3 months.
However, it is crucial to understand that there are certain disadvantages to this investment. As a result, before making an investment decision, it’s best to completely comprehend both the advantages and downsides.
Kisan Vikas Patra, a government of India one-time investment initiative, promises to double your money within a set time frame. This program is available at all post offices and major banks around the country. The Central government increased the yearly interest rate on Kisan Vikas Patra from 7.2 percent to 7.5 percent from April 1, 2023.
Types Of Certificates Available Of Kisan Vikas Patra
The following types of Kisan Vikas Patra certificates are available:
- Single Holder Certificate: This type of certificate is granted to an adult on behalf of a minor or to a minor.
- Joint ‘A’ Type Certificate: This certificate is awarded to two adults jointly and is payable to both holders jointly or to the survivor.
- Joint ‘B’ Type Certificate: This certificate is given jointly to two individuals and is payable to either the holders or the survivor.
Eligibility For The Kisan Vikas Patra
The following individuals are eligible to invest in KVP:
- The applicant must be a citizen of India.
- The candidate must be at least 18 years old.
- An individual can make an application on behalf of a minor or a person of unsound mind.
- Non-resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not permitted to invest in KVP.
Application Procedure For Kisan Vikas Patra
The procedure for investing in the Kisan Vikas Patra online program is as follows:
- Step 1: Go to the post office and get the KVP application form, also known as Form-A.
- Step 2: Fill out the form with the necessary information and submit it.
- Step 3: If the investment is being made with the help of an agent, Form-A1 must be completed and filed.
- Step 4: For the KYC procedure, provide a copy of any of the identity proofs.
After the papers have been checked and the relevant deposits have been made, the KVP Certificate will be provided. KVP Certificates can also be emailed to the registered email address.
Documents Needed To Apply For A Kisan Vikas Patra
Individuals who meet the eligibility requirements can apply for the Kisan Vikas Patra scheme in 2023.
The following is a list of papers required for the same –
- Form A must be completed and sent to an India Post office or other designated banks.
- If the application is extended through an agent, use Form A1.
- Aadhaar Card, PAN Card, Passport, Voter’s ID, Driving License, and other KYC papers act as ID proof.
