PM Kisan Vikas Patra Yojana: KVP Scheme & KVP Interest Rate

The government is constantly launching new schemes to encourage citizens to save. Kisan Vikas Patra Yojana is one such scheme. To reap the benefits of this scheme, one must make a long-term investment. This scheme was created for those who do not wish to take risks.

Through this article, we will provide you with all of the pertinent information about Kisan Vikas Patra. So, if you want to get all the important information about this scheme, please read this article until the end.

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PM Kisan Vikas Patra Yojana 2022

Kisan Vikas Patra Scheme is a savings scheme in which the investment amount is doubled at the end of the investment period. KVP scheme can be applied for at your bank or the post office. Investors need to invest for 10 years and 4 months, i.e., up to 124 months. Then, they will get double the money.

However, it’s not limited to farmers. Any Indian citizen can take benefit by applying for the Kisan Vikas Patra Yojana. You need to invest minimum ₹ 1000 rupees. But there is no upper limit for this investment. If you invest ₹ 50,000 rupees or more, you need to provide your PAN card details.

Highlights of the KVP Scheme 2022

Scheme Name	Kisan Vikas Patra Yojana
Launched By	Indian government
Beneficiary	Citizens of India
Purpose	To encourage the spirit of savings among the countrymen.
Investment Period	10 years and 4 months (124 months)
Minimum Investment	₹1000
Maximum Investment	No limits
KVP Interest Rate	6.9%

Objectives of Kisan Vikas Patra Yojana

The primary goal of this scheme is to develop a sense of savings for the citizens of the country. This scheme will double your investment. This will encourage more people to invest and save under this scheme. KVP Scheme requires a 124-month commitment with a 6.9% interest rate. The people’s economic situation will improve as a result of this scheme.

Benefits and Features of the KVP Scheme

Kisan Vikas Patra Yojana is one such scheme that doesn’t involve market risk.
Under KVP Scheme, the investors can double their investment amount by keeping it for 10 years and 4 months (124 months).
The post office Kisan Vikas Patra Yojana requires a minimum investment of Rs. 1000 rupees.
There is no maximum investment limit under the KVP Scheme, but if the investor invests Rs. 50,000 or more, he must provide his PAN Card information.
Investors can apply for the Kisan Vikas Patra Yojana through the post office or their bank branch.
The most important aspect of the KVP Scheme is that it can be transferred from one post office to another or from one bank to another.
Investors can fill out the Kisan Vikas Patra form using cash or a check. And, the applicant receives a Kisan Vikas Certificate, which includes the scheme’s maturity date, the applicant’s details, and the maturity amount.
The KVP interest rate is 6.9%. The KVP scheme can be used as a loan guarantee.
The investor can withdraw the amount at any time. But the KVP interest rate won’t be added to the paid amount if you will withdraw the money within one year. And, a penalty will be imposed.

Eligibility Criteria for Applying KVP Scheme

The applicant must be a permanent resident of India to apply under this scheme.
The applicant should be over the age of 18.
If the applicant is a minor, his or her parents may invest in this scheme on his or her behalf.
This scheme does not accept applications from Hindu Integrated Families or Non-Resident Indians.

Required Documents for Kisan Vikas Patra Scheme

Aadhar Card
PAN Card
Address Proof
KVP Application Form
Age Certificate
Passport Size Photograph
Mobile Number

Kisan Vikas Patra Yojana: KVP Interest Rate, Rules for Transfer and Withdrawals

The current KVP interest rate is 6.9%. It will be provided to you after 124 months by doubling the investment amount at a rate of 6.9%. This allows the investor to exit the Kisan Vikas Patra scheme early. However, interest will not be paid if the investor withdraws within one year of purchasing the certificate. The fine will also have to be paid.

If the withdrawal is made within one year of purchasing the certificate, the penalty is waived, but the interest rate is reduced. If the investor withdraws after two and a half years, he will receive 6.9% interest with no penalty.

KVP Interest Rate

The KVP interest rate is 6.9%. Kisan Vikas Patra has a maturity period of 10 years and 4 months, in which the principal amount will be doubled. But the investor can withdraw the money before maturity if certain conditions are met. The minimum investment is Rs. 1000, and no maximum investment limit.

The central government sells Kisan Vikas Patra certificates in denominations of ₹1000, ₹5000, ₹10000, and ₹50000. This amount can be obtained from the post office after maturity. To receive the funds, the beneficiary must provide his identity slip. If you do not have the identity slip, then you can redeem the amount from the post office where you applied for KVP Scheme.

Rules for Withdrawals Kisan Vikas Patra

Kisan Vikas Patra may be closed down at any time. Only in exceptional circumstances will this decision be made. The following is the status of Kisan Vikas Patra’s withdrawal.

In the event of the death of any or all account holders
By court order
2 years 6 months after the date of submission
By gazette officer

Rules for Transferring KVP Account

Kisan Vikas Patra can be transferred to another under the following conditions.

If the account holder dies.
If the court orders the death of a joint holder.
On account pledged to the designated officer.
On the order by the court

Minimum and Maximum Limit of KVP Scheme

The minimum investment limit for the investor under Kisan Vikas Patra is Rs. 1000, but there is no maximum investment limit. If the investor invests Rs. 50,000 or more, he must provide PAN Card details.

Eligible for Kisan Vikas Patra Account

A child person
Joint account holders (up to 3 persons)
Guardian on behalf of a minor
Minor above 10 years of age

How to Apply for Kisan Vikas Patra Scheme?

If you want to apply KVP Scheme, there are both online and offline processes available. Here we have discussed both methods. Now, it’s upon you. Choose the easy one for you.

Apply for Kisan Vikas Patra Scheme Online

Visit the official website of the bank or post office from which you want to apply for the KVP scheme.
On the home page, click on the link for an investment plan.
Now, click on the Kisan Vikas Patra Yojana link.
The KVP application form will then appear, and fill out all of the required information.
Next, attach all relevant documents asked for.
Click the submit button to apply for the Kisan Vikas Patra Yojana.

Apply for Kisan Vikas Patra Scheme Offline

Visit your nearest post office or bank.
Ask for the Kisan Vikas Patra Yojana application form and fill it out.
After that, attach all pertinent documents.
And, submit the KVP application form to the same bank or post office to apply for the KVP Scheme

How to transfer Kisan Vikas Patra Yojana

Visit the bank or post office where you obtained the Kisan Vikas Patra Yojana.
Now, take the Transfer Form B and fill out the entire form.
After that, attach all the required documents like identity card, residence certificate, original KVP Certificate, and copy of application form.
Then, return this form to the same bank or post office to transfer the KVP scheme.

Wrapping Up

We have provided you with all of the important information about the Kisan Vikas Patra Yojana in this article. If you are still having queries, you can ask us in the comments below. Your feedback is very important. We will try to resolve your doubts.

Frequently Asked Questions

1) What Is Kisan Vikas Patra Yojana?

Kisan Vikas Patra Yojana is a Central Government Scheme that encourages investors to invest away from market risks. The main advantage of the KVP Scheme is that investors receive a double return on their investment.

2) What are the KVP Interest Rate and the period for getting the benefit?

The KVP Interest rate is 6.9% and you have to keep the money for 10 years and 4 months (124 months).

3) Is KVP Scheme only for farmers?

No. There are no such limitations. Anyone from India can apply for the Kisan Vikas Patra Yojana.

4) What is the right time to make a withdrawal from Kisan Vikas Patra Yojana?

You can withdraw the invested amount after two and a half years. Because you will get a 6.9% interest rate on withdrawal without any penalty.