Nilanjan
As you all know, the government launches various schemes to promote the habit of saving among the citizens of the country. One such scheme is Kisan Vikas Patra Scheme. To avail the benefit of this scheme, you will have to invest for a long term. This scheme has been started for those people who do not want to take risk. Today we are going to provide you all the important information related to Kisan Vikas Patra through this article. Such as what is Kisan Vikas Patra Scheme?, its objective, features, benefits, application process etc. So friends, if you want to get all the important information related to this scheme, then we request you to read our article till the end.
Table of Contents
- Kisan Vikas Patra Scheme 2023
- Kisan Vikas Patra Scheme Interest Rate, Return and Withdrawal
- Details Of Kisan Vikas Patra Scheme 2023
- Kisan Vikas Patra Certificate
- Kisan Vikas Patra Interest Rate
- Objective of Kisan Vikas Patra Scheme 2023
- Kisan Vikas Patra Transfer
- Rules for Withdrawal from Kisan Vikas Patra
- Who can open a Kisan Vikas Patra account?
- Benefits and Features of Kisan Vikas Patra Scheme 2023
- Eligibility for Kisan Vikas Patra Scheme
- Important Documents for Kisan Vikas Patra Scheme 2023
- Online Application Process for Kisan Vikas Patra Scheme
- Offline Application Process for Kisan Vikas Patra Scheme 2023
- Process to Transfer Kisan Vikas Patra Scheme 2023
- Conclusion
Kisan Vikas Patra Scheme 2023
This scheme is a kind of saving scheme. Which doubles the amount of investment after the investment period. Under this scheme, you can apply in the bank or in the post office. Under this scheme, the investor will have to invest for 10 years and 4 months (124 months) and after 124 months you will get double money. It is not necessary that only farmers can apply under this scheme. Under this scheme, any citizen of India can apply. For Kisan Vikas Patra Scheme 2023, you will have to buy a KVP certificate. The minimum investment for this is ₹1000. There is no upper limit for this investment. You can invest as much as you want. Just keep in mind that if you invest more than 50,000 then you will have to give your PAN card details.
Post Office Saving Scheme
Kisan Vikas Patra Scheme Interest Rate, Return and Withdrawal
The current interest rate under Kisan Vikas Patra Scheme 2023 is 6.9%. After 124 months, you will be provided with double the amount of investment at the rate of 6.9%. Along with this, the investor can withdraw from the Kisan Vikas Patra Scheme before time. But if the investor has withdrawn within 1 year of buying the certificate then no interest will be provided. A penalty will also have to be paid for this. But if the certificate has been withdrawn after 1 year then no penalty will have to be paid but the interest rate will be lower. If the investor has withdrawn after two and a half years then he will be provided with interest at the rate of 6.9% and no penalty will have to be paid.
Details Of Kisan Vikas Patra Scheme 2023
Name of the scheme Kisan Vikas Patra Scheme Who launched it Government of India Beneficiary Citizens of India Objective To encourage the feeling of saving among the citizens. Investment period 124 months Minimum investment ₹1000 Maximum investment No limit Interest rate 6.9%
| Name of the scheme | Kisan Vikas Patra Scheme |
| Who launched it | Government of India |
| Beneficiary | Citizens of India |
| Objective | To encourage the feeling of saving among the citizens. |
| Investment period | 124 months |
| Minimum investment | ₹1000 |
| Maximum investment | No limit |
| Interest rate | 6.9% |
Kisan Vikas Patra Certificate
The government provides Kisan Vikas Patra through post office. This certificate can be purchased by cash, cheque, pay order or demand draft. There are three types of Kisan Vikas Patra certificates which are Single Holder Type Kisan Vikas Patra Certificate, Joint A Type Kisan Vikas Patra Certificate and Joint B Type Kisan Vikas Patra Certificate.
Single Holder Type Kisan Vikas Patra Certificate: This certificate is provided by the government to an adult person on behalf of a minor or unmarried girl. Joint A Type Kisan Vikas Patra Certificate: This certificate is issued jointly to two adult persons. This certificate is jointly liable for both holders. Joint B Type Kisan Vikas Patra Certificate: This certificate is also issued jointly to two adult persons. But the benefit of this certificate is given to only one holder.
Kisan Vikas Patra Interest Rate
The current interest rate under Kisan Vikas Patra Scheme 2023 is 6.9%. After 124 months, you will be provided with double the amount of investment at the rate of 6.9%.
Objective of Kisan Vikas Patra Scheme 2023
The main objective of this scheme is to encourage the habit of saving among the citizens of the country. This scheme also provides a safe and secure investment option for those who do not want to take risk. This scheme also helps in the development of the rural economy and the welfare of the farmers.
Kisan Vikas Patra Transfer
The Kisan Vikas Patra certificate can be transferred from one person to another person under certain conditions. The transfer can be done by filling an application form and submitting it to the post office along with the original certificate and identity proof. The transfer can be done in the following cases:
- Transfer from a deceased holder to his/her nominee or legal heir.
- Transfer from a holder to a court of law or a person ordered by the court.
- Transfer from a holder to a joint holder or vice versa.
- Transfer from a holder to another person with his/her consent.
Rules for Withdrawal from Kisan Vikas Patra
The Kisan Vikas Patra certificate can be withdrawn after the maturity period of 124 months or before that under certain conditions. The withdrawal can be done by filling an application form and submitting it to the post office along with the original certificate and identity proof. The withdrawal can be done in the following cases:
- Withdrawal after maturity: The holder can withdraw the full amount of investment along with interest after 124 months. The interest rate will be 6.9%.
- Withdrawal before maturity: The holder can withdraw the amount of investment along with interest before 124 months under certain conditions. The interest rate will vary depending on the duration of investment. The conditions are as follows:
- Withdrawal within 1 year: No interest will be paid and a penalty will be charged.
- Withdrawal after 1 year but before 2.5 years: Interest will be paid at the rate of 4% and no penalty will be charged.
- Withdrawal after 2.5 years but before maturity: Interest will be paid at the rate of 6.9% and no penalty will be charged.
Who can open a Kisan Vikas Patra account?
Any citizen of India who is above 18 years of age can open a Kisan Vikas Patra account. The account can be opened in the name of an individual, a minor, or jointly by two adults. The account can also be opened by an adult on behalf of a minor or an unmarried girl.
Benefits and Features of Kisan Vikas Patra Scheme 2023
The Kisan Vikas Patra Scheme 2023 offers various benefits and features to the investors. Some of them are as follows:
- It is a safe and secure investment option as it is backed by the government.
- It offers a guaranteed return as it doubles the amount of investment after 124 months.
- It offers a fixed interest rate of 6.9% which is compounded annually.
- It has no upper limit for investment and the minimum investment is ₹1000.
- It has a long term investment period of 10 years and 4 months (124 months).
- It has a low risk factor as it does not depend on market fluctuations.
- It has a flexible withdrawal option as it can be withdrawn after maturity or before that under certain conditions.
- It has a tax benefit as it is exempted from wealth tax and income tax deduction at source (TDS). However, the interest earned is taxable as per the income tax slab of the investor.
- It has a transfer option as it can be transferred from one person to another person under certain conditions.
Eligibility for Kisan Vikas Patra Scheme
To be eligible for Kisan Vikas Patra Scheme, the investor has to fulfill some criteria. The eligibility criteria are as follows:
- The investor must be a citizen of India.
- The investor must be above 18 years of age.
- The investor must have a valid identity proof such as Aadhaar card, PAN card, voter ID card, etc.
- The investor must have a bank account or a post office account.
Important Documents for Kisan Vikas Patra Scheme 2023
To apply for Kisan Vikas Patra Scheme, the investor has to submit some documents along with the application form. The important documents are as follows:
- Aadhaar card
- PAN card (if the investment is more than ₹50,000)
- Identity proof such as voter ID card, driving license, passport, etc.
- Address proof such as electricity bill, water bill, telephone bill, etc.
- Passport size photograph
- Signature
Online Application Process for Kisan Vikas Patra Scheme
The online application process for Kisan Vikas Patra Scheme is simple and easy. The steps to apply online are as follows:
- Visit the official website of India Post https://www.indiapost.gov.in/vas/Pages/IndiaPostHome.aspx
- Click on the “Savings Bank” tab and then click on the “Kisan Vikas Patra” option.
- Read the instructions and guidelines carefully and then click on the “Apply Online” button.
- Fill the online application form with the required details such as name, date of birth, gender, address, mobile number, email ID, bank account details, etc.
- Upload the scanned copies of the documents such as Aadhaar card, PAN card, identity proof, address proof, photograph, signature, etc. as per specifications.
- Pay the application fee of ₹100 (for General/OBC/EWS male candidates) or no fee (for SC/ST/PWD/Female candidates) through online mode or offline mode.
- Submit the online application form and take a printout for future reference.
Offline Application Process for Kisan Vikas Patra Scheme 2023
The offline application process for Kisan Vikas Patra Scheme is also simple and easy. The steps to apply offline are as follows:
- Visit the nearest post office or bank branch that offers Kisan Vikas Patra Scheme.
- Ask for the application form and fill it with the required details such as name, date of birth, gender, address, mobile number, email ID, bank account details, etc.
- Attach the self-attested copies of the documents such as Aadhaar card, PAN card, identity proof, address proof, photograph, signature, etc. as per specifications.
- Pay the application fee of ₹100 (for General/OBC/EWS male candidates) or no fee (for SC/ST/PWD/Female candidates) through cash, cheque, pay order or demand draft.
- Submit the application form and the documents to the post office or bank official and get a receipt for future reference.
Process to Transfer Kisan Vikas Patra Scheme 2023
The process to transfer Kisan Vikas Patra Scheme from one person to another person is simple and easy. The steps to transfer are as follows:
- Visit the post office or bank branch where the Kisan Vikas Patra certificate was issued.
- Ask for the transfer application form and fill it with the required details such as name of the transferor, name of the transferee, certificate number, amount of investment, date of issue, date of maturity, reason for transfer, etc.
- Attach the original Kisan Vikas Patra certificate and identity proof of both the transferor and transferee.
- Submit the transfer application form and the documents to the post office or bank official and get a new certificate in the name of the transferee.
Conclusion
Kisan Vikas Patra Scheme 2023 is a beneficial scheme for those who want to save money for a long term and get a guaranteed return. It is a safe and secure investment option that offers a fixed interest rate of 6.9%. It also has a flexible withdrawal option and a tax benefit. It can be applied online or offline through post office or bank. It can also be transferred from one person to another person under certain conditions. It is a scheme that promotes the habit of saving among the citizens and helps in the development of the rural economy and the welfare of the farmers.
