{"id":9585,"date":"2022-07-28T14:45:41","date_gmt":"2022-07-28T09:15:41","guid":{"rendered":"https:\/\/www.tickertape.in\/blog\/?p=9585"},"modified":"2022-07-28T14:45:42","modified_gmt":"2022-07-28T09:15:42","slug":"kvp-interest-rate-eligibility-application-process-and-nomination-rules","status":"publish","type":"post","link":"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/","title":{"rendered":"KVP Interest Rate \u2013 Eligibility, Application Process, and Nomination Rules"},"content":{"rendered":"\n<p>Kisan Vikas Patra (KVP) is a government-backed <a href=\"https:\/\/www.tickertape.in\/blog\/saving-schemes-in-india-interest-rates-and-tax-benefits\/\" data-type=\"post\" data-id=\"9340\">savings scheme<\/a> available in the post offices of India. This savings certificate scheme encourages small savings over the long term. KVP is said to double the investment after a pre-decided tenure (currently 124 months). Initially, it was limited to farmers in India but later was made available to everyone. Read below to find out more about Kisan Vikas Patra.&nbsp;&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#KVP-interest-rate\" title=\"KVP interest rate\">KVP interest rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#Types-of-Kisan-Vikas-Patra-certificates\" title=\"Types of Kisan Vikas Patra certificates&nbsp;\">Types of Kisan Vikas Patra certificates&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#Benefits-of-the-KVP-scheme\" title=\"Benefits of the KVP scheme\">Benefits of the KVP scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#Steps-to-apply-for-KVP\" title=\"Steps to apply for KVP \">Steps to apply for KVP <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#Eligibility-for-the-KVP-scheme\" title=\"Eligibility for the KVP scheme&nbsp;\">Eligibility for the KVP scheme&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#Who-should-invest-in-KVP\" title=\"Who should invest in KVP?\">Who should invest in KVP?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#Taxation-on-KVP\" title=\"Taxation on KVP&nbsp;\">Taxation on KVP&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#KVP-nomination-rules\" title=\"KVP nomination rules&nbsp;\">KVP nomination rules&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#FAQs\" title=\"FAQs&nbsp;\">FAQs&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#1-What-is-the-KVP-interest-rate-in-a-post-office\" title=\"1. What is the KVP interest rate in a post office?\u00a0\">1. What is the KVP interest rate in a post office?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#2-How-many-KVP-certificates-can-an-individual-buy\" title=\"2. How many KVP certificates can an individual buy?\">2. How many KVP certificates can an individual buy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#3-Can-I-encash-the-KVP-certificate-at-any-post-office\" title=\"3. Can I encash the KVP certificate at any post office?\">3. Can I encash the KVP certificate at any post office?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#4-Can-we-transfer-the-KVP-certificate-from-one-person-to-another\" title=\"4. Can we transfer the KVP certificate from one person to another?\">4. Can we transfer the KVP certificate from one person to another?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#5-Can-I-encash-the-KVP-certificate-online\" title=\"5. Can I encash the KVP certificate online?\">5. Can I encash the KVP certificate online?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#6-Can-I-apply-for-Kisan-Vikas-Patra-online\" title=\"6. Can I apply for Kisan Vikas Patra online?\">6. Can I apply for Kisan Vikas Patra online?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.tickertape.in\/blog\/kvp-interest-rate-eligibility-application-process-and-nomination-rules\/#7-What-to-do-if-my-KVP-certificate-was-lost-or-destroyed\" title=\"7. What to do if my KVP certificate was lost or destroyed?\u00a0\u00a0\u00a0\">7. What to do if my KVP certificate was lost or destroyed?\u00a0\u00a0\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"KVP-interest-rate\"><\/span><strong>KVP interest rate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.tickertape.in\/blog\/flat-interest-rate-vs-reducing-balance-interest-rate\/\">interest rate<\/a> on KVP changes periodically based on the announcements made by the Finance Ministry and is compounded annually. The current KVP interest rate for Q1 FY 2022 &#8211; 2023 is 6.9% per annum.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types-of-Kisan-Vikas-Patra-certificates\"><\/span><strong>Types of Kisan Vikas Patra certificates<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The three types of KVP certificates available are as follows:&nbsp;<\/p>\n\n\n\n<ul><li><strong>Single-holder: <\/strong>This certificate is for adults applying for themselves or a minor.<\/li><li><strong>Joint A:<\/strong> This certificate is issued to two adults jointly. The returns are payable to both the applicants or a survivor.&nbsp;<\/li><li><strong>Joint B:<\/strong> This certificate is issued to two adults jointly, but the returns are payable to only one of the applicants.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits-of-the-KVP-scheme\"><\/span><strong>Benefits of the KVP scheme<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here\u2019s a list of benefits of the post office Kisan Vikas Patra scheme:&nbsp;<\/p>\n\n\n\n<ul><li><strong>Long-term savings<\/strong> &#8211; The main benefit of the Kisan Vikas Patra is that it allows you to stay invested for close to 10 yrs and helps in long-term wealth creation.&nbsp;<\/li><li><strong>Investment amount <\/strong>&#8211; The minimum investment amount on KVP is Rs. 1,000, while there is no maximum limit.<\/li><li><strong>Secure<\/strong> &#8211; As a government-backed investment, it is considered a secured option. Also, the amount you will receive at the end of the tenure is added to the certificate.&nbsp;<\/li><li><strong>Loan collateral<\/strong> &#8211; Most banks accept the KVP certificate as collateral while applying for a loan.&nbsp;<\/li><li><strong>Fixed tenure <\/strong>&#8211; The fixed lock-in period of the KVP scheme is two and a half years. After two and a half years, the scheme holder is allowed to break the certificate and encash it for financial emergencies prematurely.&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Steps-to-apply-for-KVP\"><\/span><strong>Steps to apply for KVP<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before investing in the KVP, it is important to check the current interest rate on the scheme. An eligible investor can easily apply for the KVP certificate by following the steps below:&nbsp;<\/p>\n\n\n\n<ul><li>Get Form A from a post office or bank and fill it out with the required details.&nbsp;<\/li><li>If you are applying through an agent, they must fill the Form A1.<\/li><li>Submit the duly filled form at the post office along with the required documents like ID proofs (PAN card, Aadhaar card, driver\u2019s licence or voter\u2019s ID), passport-sized photograph and birth certificate.<\/li><li>Once the documents and the form are verified, you need to make a deposit. You can deposit cash, cheque, pay-order or demand draft.&nbsp;<\/li><li>If you deposited cash, the KVP certificate would be issued immediately. You need to wait for the certificate for other modes until the payment is cleared.&nbsp;<\/li><li>Keep the certificate safe as it is an important document you must submit at the time of maturity or withdrawal of the funds.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility-for-the-KVP-scheme\"><\/span><strong>Eligibility for the KVP scheme&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Only Indian residents are allowed to apply for KVP. The applicant must be at least 18 yrs of age.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who-should-invest-in-KVP\"><\/span><strong>Who should invest in KVP?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Though Kisan Vikas Patra was designed for the rural and semi-urban population of India, this is a scheme that applies to anyone. It can be a good savings option with low investment, especially for risk-averse investors.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Taxation-on-KVP\"><\/span><strong>Taxation on KVP&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>The maturity amount on KVP is exempted from the tax deduction.&nbsp;<\/li><li>The interest accrued on KVP is taxable under \u2018Income from Other sources\u2019, paid yearly, and <a href=\"https:\/\/www.tickertape.in\/blog\/what-is-tds-and-how-to-file-it\/\" data-type=\"post\" data-id=\"7432\">TDS (Tax Deducted at Source)<\/a> of 10% is subtracted from the interest.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"KVP-nomination-rules\"><\/span><strong>KVP nomination rules&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The nomination rules for Kisan Vikas Patra are as follows:&nbsp;<\/p>\n\n\n\n<ul><li>At the time of purchase, the investor can set a nominee by filling up Form C. In the case of the investor\u2019s death, the nominee will be entitled to the benefits. It applies to all types of KVP certificates.&nbsp;<\/li><li>Investors are allowed to add a nominee at any time after the purchase of the certificate. But it has to be done before the maturity date.&nbsp;<\/li><li>If you hold more than one KVP certificate, you need to file a separate Form C for each certificate. Note that there are no charges on the nomination made for the first time. From the next nomination, Rs. 20 is charged.&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1658918750919\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"1-What-is-the-KVP-interest-rate-in-a-post-office\"><\/span>1. <strong>What is the KVP interest rate in a post office?\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>The interest rate on KVP is 6.9% per annum for the Q1 FY 2022 &#8211; 2023. The Finance Ministry changes the rate periodically.\u00a0<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1658918760418\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"2-How-many-KVP-certificates-can-an-individual-buy\"><\/span>2. <strong>How many KVP certificates can an individual buy?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>There is no limit to the number of KVP certificates an individual can buy. You can buy any number of certificates with no limit on the maximum investment.\u00a0<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1658918772070\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"3-Can-I-encash-the-KVP-certificate-at-any-post-office\"><\/span>3. <strong>Can I encash the KVP certificate at any post office?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Your KVP certificate can be encashed at the issuer post office quickly. But in the case of an emergency, you can encash it at other post offices by providing identity proofs and the certificate.\u00a0<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1658918783903\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"4-Can-we-transfer-the-KVP-certificate-from-one-person-to-another\"><\/span>4. <strong>Can we transfer the KVP certificate from one person to another?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Yes. You can transfer the KVP certificate from one person to another by submitting a few forms to the Post Office General. A new certificate will be issued in the name of the changed person with the same amount and maturity date.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1658918797286\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"5-Can-I-encash-the-KVP-certificate-online\"><\/span>5. <strong>Can I encash the KVP certificate online?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>No. You need to visit your issuer\u2019s post office to encash the certificate.\u00a0<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1658918812086\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"6-Can-I-apply-for-Kisan-Vikas-Patra-online\"><\/span>6. <strong>Can I apply for Kisan Vikas Patra online?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>No. Currently, you cannot apply for a KVP certificate online. You need to visit the nearby post office to apply for the scheme.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1658918826336\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"7-What-to-do-if-my-KVP-certificate-was-lost-or-destroyed\"><\/span>7. <strong>What to do if my KVP certificate was lost or destroyed?\u00a0<\/strong>\u00a0\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>In such cases, you can visit the post office where you got the certificate and request a duplicate one. However, you need to have the certificate number, name of the applicant, amount and the reason for the duplicate certificate. Upon the verification of details, you will receive a duplicate certificate.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Kisan Vikas Patra (KVP) is a government-backed savings scheme available in the post offices of India. This savings certificate scheme encourages small savings over the long term.<\/p>\n","protected":false},"author":90,"featured_media":9614,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[1739,1646],"tags":[1706,1707],"acf":[],"modified_by":null,"jetpack_featured_media_url":"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2022\/07\/TT-28-July-KVP-Interest-Rate-BB-scaled.jpg?wsr","_links":{"self":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/9585"}],"collection":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/users\/90"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/comments?post=9585"}],"version-history":[{"count":2,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/9585\/revisions"}],"predecessor-version":[{"id":9615,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/9585\/revisions\/9615"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media\/9614"}],"wp:attachment":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media?parent=9585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/categories?post=9585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/tags?post=9585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}