Kisan Vikas Patras (KVPs) are available at all Head Post Offices and authorized post offices throughout India. The KVPs are measured as the most safe investment tool, as it has the backing of the Government of India. The principal is assured (guaranteed) and it is deemed to be a safe avenue for investing your money.
KVP is suitable for an increase in investment as it accumulates money at a fixed rate, and money doubles at the end of the specified period. It is for those looking for guaranteed returns.
Who can purchase Kisan Vikas Patra:
- An adult in his own name or on behalf of a minor,
- A minor,
- A Trust,
- Two adults jointly.
Available for purchase/issue at Post Offices.
Maturity amount / period :
With effect from 1st March, 2003, invested amount doubles on maturity
after Eight Years and Seven months.
Nomination facility is available.
Denomination / Deposit limits
- Certificates are available in denominations (face value) of Rs. 100, Rs.
500, Rs. 1000, Rs. 5000, Rs. 10,000 & Rs. 50,000.
- There is no maximum limit for purchase of the certificates.
Tax Benefits under Kisan Vikas Patra:
No income tax benefit is available under the scheme. However the deposits
are exempt from Tax Deduction at Source (TDS) at the time of withdrawal.
Premature encashment :
Premature encashment of the certificate is not permissible except at a
discount in the case of death of the holder(s), forfeiture by a pledgee and
when ordered by a court of law.
Place of Encashment/discharge on maturity :
Can be encashed/discharged at the post office where it is registered or any other post
Replacement of Kisan Vikas Patra
A duplicate certificate (Kisan Vikas Patra) may be issued if the certificate is lost, stolen destroyed, mutilated or defaced, provided a satisfactory evidence is produced about such loss, theft, destruction, mutilation or defacement.
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