Kisan Vikas Patra Scheme 2023
Kisan Vikas Patra Scheme is a savings scheme that was launched by the Indian government to encourage people to invest and save for their future. Under this scheme, investors can double their investment amount after the investment period of 10 years and 4 months. This scheme can be availed by anyone, and it is not restricted to farmers only.
The Kisan Vikas Patra Yojana 2023 can be applied for at the post office or through a bank branch. The minimum investment required under this scheme is ₹1000, and there is no upper limit on investment. However, if an investor invests more than ₹50,000, then they will have to provide their PAN card details.
Kisan Vikas Patra Yojana 2023
The current interest rate on Kisan Vikas Patra Scheme 2023 is 6.9%. Premature withdrawal is also allowed under this scheme, but if an investor wants to withdraw within one year of purchasing the certificate, then they will not be given any interest rate, and they will have to pay a penalty. However, if the investor withdraws after one year, they will not be penalized, but the interest rate will be less than 6.9%. If an investor withdraws after two and a half years, they will get an interest rate of 6.9% and will not have to pay any penalty.
Highlights of Kisan Vikas Patra Scheme Registration 2023
| Aspect | Details |
|---|---|
| Scheme Name | Kisan Vikas Patra Yojana 2023 |
| Type of Scheme | Savings Scheme |
| Investment Period | 10 years and 4 months (124 months) |
| Minimum Investment | Rs. 1,000 |
| Maximum Investment | No upper limit, but PAN card details are required for investments above Rs. 50,000 |
| Eligibility | Open to all Indian citizens |
| Interest Rate | 6.9% |
| Premature Withdrawal Penalty | No interest rate and penalty for withdrawal within 1 year; no penalty but a lower interest rate for withdrawal after 1 year and before maturity; no penalty and a 6.9% interest rate for withdrawal after 2.5 years |
| Application Method | The post office or bank branch |
| Transferability | Can be transferred from one post office or bank to another |
| Benefits | Double the investment amount after the investment period |
| Purpose | To encourage investment and savings among Indian citizens |
Purpose of Kisan Vikas Patra Yojana 2023
The purpose of starting the Kisan Vikas Patra Yojana is to inspire an investment spirit among people and encourage them to save for their future. The scheme is designed to help investors secure their financial future. Many citizens face problems due to the lack of money, such as not being able to enroll their children in higher education or not having a pension after retirement. By investing in the Kisan Vikas Patra Scheme, people can secure their future and provide financial stability for themselves and their families.
One of the biggest features of the Kisan Vikas Patra Scheme is that it does not involve any market risk, and investors can double their investment amount without worrying about the market. This scheme is also transferable from one post office to another or from one bank to another, making it convenient for investors.
Also Read: Why Your Tax Refund Is Lower Than Expected Based on Your Income
Apply Process for Kisan Vikas Patra Scheme
To apply for the Kisan Vikas Patra Yojana, investors can fill out the form through cash or cheque. Once the application is submitted, a Kisan Vikas Certificate is provided to the investor, which includes details about the maturity date of the scheme, the applicant’s information, and the maturity amount.
The Kisan Vikas Patra Scheme is an excellent investment opportunity for people who want to save for their future. The scheme provides a guaranteed return on investment, and investors do not have to worry about market risk. The scheme can be availed by anyone, and the investment period is for 10 years and 4 months. The Kisan Vikas Patra Scheme is also transferable, making it convenient for investors.
Interest Rate Chart
| Time Period | Interest Rate of KVP |
| Q3 FY 2022-23 | 7.0% |
| Q2 FY 2022-23 | 6.9% |
| Q1 FY 2022-23 | 6.9% |
| Q4 FY 2021-22 | 6.9% |
| Q3 FY 2021-22 | 6.9% |
| Q2 FY 2021-22 | 6.9% |
| Q1 FY 2021-22 | 6.9% |
| Q4 FY 2020-21 | 6.9% |
| Q3 FY 2020-21 | 6.9% |
| Q2 FY 2020-21 | 6.9% |
| Q1 FY 2020-21 | 6.9% |
| Q4 FY 2019-20 | 7.6% |
| Q2 FY 2019–20 | 7.6% |
| Q1 FY 2019–20 | 7.7% |
| Q4 FY 2018-19 | 7.7% |
| Q3 FY 2018-19 | 7.7% |
| Q2 FY 2018-19 | 7.3% |
| Q1 FY 2018-19 | 7.3% |
Benefits of Kisan Vikas Patra Scheme KVP Yojana 2023
Kisan Vikas Patra Yojana (KVPY) is a savings scheme offered by the Government of India that is primarily aimed at encouraging people to save money and invest in a safe and secure manner. Here are some of the benefits of the KVPY scheme:
- Guaranteed returns: KVPY offers guaranteed returns on the investment, which means that the investor can be assured of the amount that they will receive at maturity. This makes it an attractive investment option for those who prefer safety over risk.
- Tax benefits: KVPY offers tax benefits to investors. The interest earned on the investment is taxable, but the investment amount qualifies for a deduction under Section 80C of the Income Tax Act, of 1961. This makes KVPY an excellent investment option for those who want to save on taxes.
- Flexible investment options: The KVPY scheme offers flexible investment options to investors. The minimum investment amount is Rs. 1,000, and there is no maximum limit. The investor can choose to invest in multiples of Rs. 1,000, and there is no limit on the number of investments that can be made.
- No maturity period: KVPY does not have a fixed maturity period. The investment can be withdrawn at any time after the lock-in period of 2.5 years. This makes it a flexible investment option for those who want to invest their money for a short duration.
- Safe and secure investment: KVPY is a government-backed investment scheme, which means that the investor can be assured of the safety and security of their investment. The scheme is also backed by the Reserve Bank of India, which further adds to its credibility.
- Transferable: KVPY is transferable from one person to another, which means that the investor can transfer the investment to another person if they wish to. This makes it an attractive investment option for those who want to gift investments to their loved ones.
In conclusion, KVPY is a safe and secure investment option that offers guaranteed returns, tax benefits, flexible investment options, and no fixed maturity period. It is an excellent investment option for those who want to save money and invest in a safe and secure manner.
Kisan Vikas Patra KVP vs Fixed Deposits
| Parameters | KVP | FD |
| Investments | Minimum investment of Rs.1000 required whereas there is no capping on maximum investment | Minimum- Rs. 500Maximum- Not Limited |
| Rate of Interest | 7.2% | Differs from bank to bank |
| Maturity | 10 years (120 months) | 10 years. However, subscribers can withdraw money after 7 days from the date of investment |
| Tax Treatment | Returns on KVP are taxable | Tax saver FDs are tax exempted for up to Rs.1.5 Lakh under Section 80 (C) |
| Lock-in periods | Lock-in period of 2 and a half years | No lock-in period. The tenure of Fixed deposits ranges from 7 days to 10 years |
| Premature Withdrawals | Withdrawals are allowed before maturity but it is advised to keep the corpus invested for 124 months to get best returns | Money can be withdrawn as and when the subscriber wants, after 7 days |
Eligibility Criteria for KVPY Scheme 2023
To invest in the Kisan Vikas Patra Yojana, an individual must fulfill the following eligibility criteria:
- Citizenship: Only Indian citizens can invest in the Kisan Vikas Patra Yojana.
- Age: The minimum age to invest in this scheme is 18 years.
- Investment Limit: There is no maximum investment limit, but the minimum investment limit is Rs. 1,000. An investor can invest in multiples of Rs. 1,000.
- Mode of Investment: The investment can be made in cash or through a cheque. Online investment is also possible through select banks.
- KYC Documents: Investors have to provide Know Your Customer (KYC) documents, which include identity proof, address proof, and PAN card details.
- Tax Implications: The interest earned on the Kisan Vikas Patra is taxable. However, there is no TDS (Tax Deducted at Source) on the interest earned.
- Joint Investment: Joint investment is possible, but only up to three adults can invest jointly in this scheme.
- Nomination Facility: A nomination facility is available at the time of investment or after investment. Investors can nominate one or more persons to receive the proceeds of the investment in case of their death.
It is important to note that NRIs (Non-Resident Indians) are not eligible to invest in the Kisan Vikas Patra Yojana.
Kisan Vikas Patra vs NSC
| Parameters | KVP | NSC |
| Investments | Minimum- Rs.1000Maximum- No limit | Minimum- Rs.100Maximum- Rs.1,50,000 |
| Rate of Interest | 7.2% per annum | 7.0% per annum |
| Taxation Policy | Returns on KVP are taxable | Enjoys tax benefits and exemption under Section 80(c) |
| Liquidity | Lock-in period of 2.6 years only | Lock-in period of 5 or 10 years |
| Premature Withdrawal | Withdrawals are allowed before maturity but it is advised to keep the corpus invested for 123 months to get best returns | Withdrawals before maturity are very difficult and restricted |
| Loans | Can be used as a guarantee to take loans for housing etc | Can be used as a guarantee to take loans for housing etc |
How to Apply Online for Kisan Vikas Patra KVP Scheme 2023?
The Kisan Vikas Patra Yojana can be applied for through any post office across India. The following steps outline the application process:
- Visit the nearest post office: The first step is to visit the nearest post office that offers Kisan Vikas Patra Yojana. You can find the list of post offices that offer Kisan Vikas Patra Yojana on the official website of India Post.
- Fill out the application form: After reaching the post office, ask for the application form for Kisan Vikas Patra Yojana. Fill out the form carefully with all the necessary details such as your name, address, nominee details, and amount to be invested.
- Submit the form: After filling out the form, submit it along with the necessary documents such as identity proof, address proof, and photographs. You will also need to submit the minimum investment amount, which is currently Rs. 1000.
- Payment and Issuance: You can make the payment through cash, cheque, or demand draft. After the payment is made, the post office will issue a certificate of investment, which you should keep safely.
- Collect your maturity amount: Kisan Vikas Patra Yojana has a lock-in period of 2.5 years, after which you can collect the maturity amount from the post office where you made the investment. You will need to submit the certificate of investment along with identity proof to collect the maturity amount.
It is important to note that only Indian residents are eligible to apply for Kisan Vikas Patra Yojana. Also, joint accounts can be opened, but only one of the account holders can be a farmer.
Also Read: Federal Tax Refund Schedule 2023 Calendar, Return Dates, Status
| Official Link | Click Here |
| Application Form | Click Here |
| Transfer Form | Click Here |
| GOINDIAJOB Homepage | Click Here |