If you are a person looking for long term investment options and want to double your income throughout your lifetime, to enjoy the benefit of pension after you retire. And if you want to lead a happy life full of financial stability, then you must enroll yourself into the Kisan Vikas Patra scheme 2020. Under the Kisan Vikas Patra scheme, your financial funds will be doubled by the time you will break the deposits.
Kisan Vikas Patra Scheme 2019 – 2020
The Kisan Vikas Patra scheme is a certificate deposit scheme which has been implemented by the government of India under the Post Office so that the farmers and the common citizens of the country can avail the benefit of long term investment. It is a single time investment scheme. This investment period under the Kisan Vikas Patra scheme is approximately 118 months that is 9 years and 10 months. Any Citizen who wishes to invest their capital amount in long term saving scheme may avail the benefits of Kisan Vikas Patra Scheme.
Aim Of Kisan Vikas Patra Scheme
Many aims of the government will be fulfilled by the Kisan Vikas Patra scheme. Although, the main aim of the government is to provide long term investment programs for the common citizens of India. Previously, Kisan Vikas Patra Yojana was launched only for the farmers of the country but now the scheme is open for all the common citizens of the country. You can easily introduce yourself into this scheme and fill the application form with much ease and avail the benefit of long term investments.
Benefits Of Kisan Vikas Patra Scheme
There are many benefits of the Kisan Vikas Patra scheme 2020. Some of the benefits are listed below :-
- The first and foremost benefit of the scheme is that it will provide you guaranteed funds at the end of the maturity period.
- Also, the scheme is subjected to absolutely no market risks.
- The scheme follows an effective rate of interest that is you will receive more funds with an effective rate of interest.
- The current interest rate is 7.7% for the quarter 1 October 2018 to 31 December 2018 prior to which the rate was 7.3%
- Tax Deducted at Source (TDS) is exempt from withdrawals after the maturity period.
- You can use your KVP certificate as collateral or security to avail secured loans.
- Also, the loans that will be provided will have very low-interest rates as compared to normal loans.
Interest Rates on KVP
|Time Period||Interest Rate of KVP|
|Q2 FY 2019–20||7.6%(maturity in 113 months)|
|Q1 FY 2019–20||7.7%(maturity in 112 months)|
|Q4 FY 2018-19||7.7%(maturity in 112 months)|
|Q3 FY 2018-19||7.7%(maturity in 112 months)|
|Q2 FY 2018-19||7.3%(maturity in 118 months)|
|Q1 FY 2018-19||7.3%(maturity in 118 months)|
Later in this post, you will read about the eligibility, application process and registration under the KVP scheme –
Eligibility Criteria Kisan Vikas Patra Scheme
The following eligibility criteria has been finalized for the beneficiaries under the KVP:-
- The applicants under the scheme must be of minimum 18 years of age.
- The applicant must be a citizen of India.
- The applicant must have a working bank account.
- HUF or NRIs are not eligible for the scheme.
- A trust can also by the scheme and avail the benefits.
No special eligibility requirement is finalized for the Kisan Vikas Patra Yojana. People from all over India can apply for the scheme and avail the benefits of the scheme.
Silent Features of Kisan Vikas Patra Scheme
- Kisan Vikas Patra certificates will be issued in denominations of Rs.1,000, Rs.5,000, Rs.10,000, and Rs.50,000 only.
- The Maturity Period of KVP 2020 is approximately 118 months
- Post Office work as a nodal Agency under the scheme
- Post Office provides Interest annually on a compounded basis.
Returns Under The Scheme
Returns over the period for an investment of Rs 1000 are listed below :-
- 2 .5 years but <3 years – Rs 1201
- 3 years but <3.5 years – Rs 1246
- 3 .5 years but <4 years – Rs 1293
- 4 years but <4.5 years – Rs 1341
- 4 .5 years but <5 years – Rs 1391
- 5 years but <5.5 years – Rs 1443
- 5.5 years but <6 years – Rs 1497
- 6 years but <6.5 years- Rs 1553
- 6.5 years but <7 years- Rs 1611
- 7 years but <7.5 years – Rs 1671
- 7.5 years but <8 years – Rs 1733
- 8 years – Rs 1798
- 9 years & 10 months ie 100% Return – Rs 2000
Documents Required For Applying
To apply for the Kisan Vikas Patra 2020 you need to produce these following documents:-
- Aadhar card – Aadhar card is treated as an identity proof. If you fail to submit the Aadhaar Card you can submit PAN card, Voter ID card, Driving licence or even passport all of the above documents are treated as your identity proof.
- A working email address as you will receive your certificate by email.
How to Apply For Kisan Vikas Patra Scheme
To apply for the Kisan Vikas Patra you need to follow the given steps:-
- First visit the official website and download the Kisan Vikas Patra application form.
- Collect the application form (Form-A) and submit it duly filled to the Post office.
- If you have hired any agent to fill your application form then the application form is needed to be submitted by your agent.
- Submit all the above mentioned documents.
- Once they verify the documents and receive the deposit, you will get a KVP certificate.
- Keep this safe as you will need to submit this at the time of maturity.
- You can also request them to send you the certificate by email.
- Thus, your application process is completed and you can avail the benefit after the maturity period.
Note – If payment is done through cash, they issue the KVP Certificate on the spot. And for Cheque, Demand Draft or Money Order, you will have to wait till the amount is cleared to the post office.
- Kisan Vikas Patra Application Form Direct Investment
- Kisan Vikas Patra Application Form Investment through Agent