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Kisan vikas patra

Kisan Vikas Patras (KVPs) 2014

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Kisan Vikas Patras (KVPs) was a safe long term investment option but the scheme was discontinued w.e.f. 1st December 2011.

Kisan Vikas Patras (KVPs) have been re-launched wide Notification dated 23rd September 2014.

Salient features of New KVPs (Kisan Vikas Patras) are as under:

FeatureDescription
EligibilityAny adult individual singly or two adults jointly.A guardian on behalf of a minor.
Minimum amountRs. 1,000/-. The Kisan vikas Patras are available in denominations of Rs. 1000, 5000, 10,000 and 50,000. Currently, KVPs are available in Post Offices. It is proposed to make it available also at banks.
Maximum amountNo maximum limit
Minimum Lock-in Period2 years 6 months
Maturity period8 years & 4 months.
Interest Rate8.70 per cent per annum compounded yearly.Money doubles in 8 years 4 months.
Type of Certificates1.    Single holder type Certificates are issued to an adult for himself or on behalf of a minor or to a minor.2.    Joint ‘A’ type Certificates are issued jointly to two adults payable to both holders jointly or to the survivor.3.    Joint ‘B’ type Certificates are issued jointly to two adults payable to either of the holders or to the survivor.
Purchase of CertificatesAny eligible person or persons can purchase KVPs by submitting an application on Form A either in person or through an authorised agent of the small savings schemes at a Post Office or Bank.
Nomination facilityAvailable
TransferabilityKVPs may be transferred from a Post Office or Bank at which it stands registered, to any other Post Office or Bank to the holder or holders making an application in Form B either at Post Office or Bank.KVPs may be transferred from one person to another with the consent in writing to an officer of the Post Office or Bank as specified in the Table below (hereinafter referred to in these rules as authorised Post Master or Bank Officer)On an application being made in the prescribed form by the transferor and transferee, the Postmaster may permit the transfer of any certificate (pledging of certificate) as a security.
EncashmentKVPs can be encashed at the Post Office of its issue. These can also be encashed at any other Post Office if the Officer-in-Charge of that Post Office or bank is satisfied on verification from thePost Office or bank of issue that the person presenting the certificate for encashment, is entitled thereto.
Premature EncashmentFacility for premature encashment as per the table given below (for the KVP purchased on or after November 2014). Maturity value for Rs. 1,000/- denomination

AfterAmount Payable
2 years 6 months or more but less than 3 years1201
3 years more but less than 3 years 6 months1246
3 years 6 months or more but less than 4 years1293
4 years or more but less than 4 years 6 months1341
4 years 6 months or more but less than 5 years1391
5 years or more but less than 5 years 6 months1443
5 years 6 months or more but less than 6 years1497
6 years or more but less than 6 years 6 months1553
6 years 6 months or more but less than 7 years1611
7 years or more but less than 7 years 6 months1671
7 years 6 months or more but less than 8 years1733
8 years or more but before maturity1798
On maturity2000
Post maturity interestWhere repayment of the amount, inclusive of interest, under the rule 16 has become due but has not been made, interest shall be allowed on the amount due on the date of repayment of the amount subject to the following conditions, namely :a.    the interest shall be simple and shall be calculated at the rate applicable from time to time to Post Office Savings Accounts of the type of single or joint account.b.    for the purpose of payment of interest, any part of the period which is less than one month shall be ignored.c.    the interest shall be paid to the depositor in lump sum at the time of repayment of the amount due.
Deduction under section 80CNot available
Interest TaxabilityTaxable
Other features·         Loans can be availed from banks on pledge of KVPs.·         If a KVP is lost, stolen, destroyed, mutilated or defaced, application may be made showing particulars of the KVP with circumstances attending such loss, theft, destruction, mutilation or defacement for issue of duplicate KVP to the Post Office where the KVP is registered. If the Officer-In-Charge is satisfied, he shall issue a duplicate KVP on the applicant furnishing an indemnity bond in the prescribed form with sureties or with a bank’s guarantee.Provided that where such application is made with respect to a Certificate mutilated or defaced, a duplicate Certificate may be issued without any such indemnity bond, surety or guarantee, if the Certificate mutilated or defaced is surrendered and the Certificate is capable of being identified as the one originally issued.

Kisan Vikas Patras (KVPs) 2014

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