The India post has created a new scheme for encouraging small savings among the residents of India known as Kisan Vikas Patra 2023. Under this scheme, people will be able to double their investment after a predetermined period of 124 months. The citizens who want to save money for the long term can apply under this scheme. This is one kind of certificate that will help in doubling the amount at the end of 124 months. To know more about Kisan Vikas Patra you are requested to read our article carefully.
Kisan Vikas Patra 2023
A new scheme has been created by the Indian post office to provide long-term savings to the people residing in India. Under this scheme, the people of India will be encouraged to make small savings. The main aim of launching this scheme is to double your investment after a predetermined period of 124 months. For example, If a person purchases Kisan Vikas Patra of Rs. 5,000, that person will be able to get a Corpus of Rs. 10,000 post maturity. If a person purchases this certificate between 1st July 2021 to 30th July 2021, they can easily double the amount at the end of 124 months.
Previously this scheme was designed only to benefit the farmers of India but now it is available for pan India. All the interested applicants who are interested in doing savings and investments can easily fill the application form while visiting the Indian post office.
Objectives Of Kisan Vikas Patra
The basic objectives of Kisan Vikas Patra are as follows:-
- The basic objective of this scheme is to encourage the people of India to invest in a long term savings plan.
- With the help of this scheme, people of India will be encouraged to make small savings.
- People will be able to double the amount after investing in this scheme without worrying about any risk.
- Kisan Vikas Patra will help in making the future secure for citizens of India.
Key Highlights Of Kisan Vikas Patra
| Name of the scheme- | Kisan Vikas Patra |
| Launched by- | India Post Office |
| Launched Year- | 1988 |
| Beneficiary- | Residents of India |
| Objective- | To encourage small savings. |
| Predetermined period- | 124 months |
| Mode of Application- | Offline |
| Official Website- | Not yet declared |
Types Of Kisan Vikas Certificate
- Single Holder Type Certificate- This type of certificate is issued to an adult for self or on behalf of a minor.
- Joint A Type Certificate- This certificate is issued to two adults, it is payable to both the holders jointly or the survivor.
- Joint B Type Certificate- This certificate is issued jointly to two adults, payable to the holder and survivor.
Kisan Vikas Patra KVP Interest Rates
The KVP interest rate may change according to the announcement made by the finance ministry. The basic interest rate applicable for KVP is 6.9% to double the investment in 124 months. The historical interest rates are as follows:-
| Time Period | Interest Rate of KVP |
| Q1 FY 2020-21 | 6.9% |
| Q4 FY 2019-20 | 7.6% |
| Q2 FY 2019–20 | 7.6% |
| Q1 FY 2019–20 | 7.7% |
| Q4 FY 2018-19 | 7.7% |
| Q3 FY 2018-19 | 7.7% |
| Q2 FY 2018-19 | 7.3% |
| Q1 FY 2018-19 | 7.3% |
Check Kisan Samman Nidhi List 2022
(KVP) Kisan Vikas Patra Calculator
| Duration → | 15th Jan 2000-28th Feb 2001 | 1st March 2001-28th Feb 2002 | 3rd March 2002-28th Feb 2003 | After 1st March 2003 |
| Year↓ | Amount Accrued ↓ | |||
| 1 | NA | NA | NA | NA |
| 2 | NA | NA | NA | NA |
| 2 Years 6 Months | Rs.1246 | Rs. 1209 | Rs. 1195 | Rs. 1170.51 |
| 3 Years | Rs. 1302 | Rs. 1274 | Rs. 1256 | Rs. 1207.95 |
| 3 Years 6 Months | Rs. 1407 | Rs. 1327 | Rs. 1305 | Rs. 1267.19 |
| 4 Years | Rs. 1478 | Rs. 1409 | Rs. 1382 | Rs. 1310.8 |
| 4 Years 6 Months | Rs. 1585 | Rs. 1470 | Rs. 1439 | Rs. 1355.9 |
| 5 Years | Rs. 1668 | Rs. 1572 | Rs. 1534 | Rs. 1435.63 |
| 5 Years 6 Months | Rs. 1779 | Rs. 1644 | Rs. 1602 | Rs. 1488.49 |
| 6 Years | Rs. 1874 | Rs. 1770 | Rs. 1672 | Rs. 1543.3 |
| 6 Years 6 Months | Rs. 2000 | Rs. 1857 | Rs. 1800 | Rs.1649.13 |
| 7 Years | NA | NA | Rs. 1883 | 1713.82 |
| 7 Years 3 Months | NA | Rs. 2000 | NA | NA |
| 7 Years 6 Months | NA | NA | NA | 1781.06 |
| 7 Years 8 Months | NA | NA | Rs. 2000 | NA |
| 8 Years & 8 Years 7 Months | NA | NA | NA | Rs. 1850.93 |
| 8 Years 7 Months | NA | NA | NA | Rs. 2000 |
| More than 8 years 7 Months | NA | NA | NA | NA |
Kisan Vikas Patra Maturity Periods
As we all know, the Indian post office has created a new scheme known as Kisan Vikas Patra to double the income of Indian citizens. Under this scheme, the investment amount of the applicant is doubled after completion of the tenure which is decided by the Indian post office. The maturity period kept on changing according to the amendment made by the Indian post office. According to the latest amendment in the scheme, the maturity period becomes 10 years and 4 months i.e 124 months. After the specific period, the amount of the candidate is doubled. For example, if a person has invested Rs. 10,000 then in the return the double amount of Rs. 20,000 will be provided at maturity to the people.
Benefits And Features Of Kisan Vikas Patra
- The Kisan Vikas Patra can be purchased by a single adult, a joint B account and a minor above the age of 10 years.
- It can be open with the minimum amount of Rs. 1,000 while the maximum limit is not decided on KVP investment.
- Premature encashment is also allowed for 2 years and half years according to the terms and conditions.
- The maturity period under KVP captain changed according to the changes made by the Ministry of Finance.
- KVP ke easily be transferred from one person to another person from post office or Bank
- The nomination facility is also available while filling the form of KVP.
- With the help of this scheme people will be able to get encouragement towards saving.
- All the interested applicants who want to apply under Kisan Vikas Patra will have to fill up the form while visiting the post office or Bank.
Eligibility Criteria
The eligibility criteria to apply under Kisan Vikas Patra is as follows:-
| Residential status | An applicant must be a permanent resident of India |
| Investment status | A parent or guardian may invest on behalf of a minor |
| Category status | People from Hindu undivided families and non-resident Indians cannot invest in KVP |
Read More: Pradhan Mantri Awas Yojana
Important Documents
The following documents to apply under KVP are mentioned below:-
- Aadhar card
- Identity card
- KVP application form
- Date of birth certificate
- Mobile number
- Passport size photograph
Process To Apply For Kisan Vikas Patra Yojana 2023
All the citizens of India who are interested in doing saving from Kisan Vikas Patra may have to follow the procedure given below:-
- First visit the nearest bank or post office.
- Now ask for the Kisan Vikas Patra Application form from the manager.
- After getting the form, enter all the details that are asked in the form.
- Now attach all your important documents.
- After that, Submit this form at the post office or Bank only.
- Through this people can easily apply under Kisan Vikas Patra.
Points To Remember
- The form should be addressed to the Postmaster General of the post office.
- The amount of the investment should be present in the form
- Avoid editing or cutting while filling the form.
- The investment under this scheme should be made through cheque or cash
- If you are doing payment through cash then mention the cheque number on the form.
- You also have to mention single all joint a or joint B subscription while filling the form.
- In case of minor, the date of birth parents name and guardian name should be present in the form
- The form which is submitted by the applicant should contain full name date of birth and address of the nominee
- After submitting the form the application will get a KVP certificate which will contain the name of the beneficiary date of maturity and the maturity amount.