Here’s all you need to know about Kisan Vikas Patra

Most Indians want to make risk free investments even if it means it is at a reduced rate of interest. Kisan Vikas Patra is one such instrument that is popular among many. The scheme double the amount invested in 8 years and 7 months.

Features of the Kisan Vikas Patra scheme:

• The scheme is open for all the citizens of India.

• The minimum withdrawal period is 2.5 years from the time of purchase of the certificate.

• Encashment includes interest accrued for the stated period.

• Kisan Vikas Patra certificates are available at nationalised and associate banks, state banks and post offices.

• They are available in the denominations of Rs.1,000, Rs.5,000, Rs.10,000 and Rs.50,000.

• The certificate can be transferred from one person to another.

• The applicant can obtain the certificate individually, jointly or in the title of the minor.

• You can include a nominee to a certificate.

• Kisan Vikas Patra offers well secured savings and protect the returns on maturity.

Kisan Vikas Patra Application procedure

Kisan Vikas Patra is easily available across India. Those who wish to invest in the Kisan Vikas Patra must visit the closest post office or the bank and fill out the application form. The deposit to the Kisan Vikas Patra can be made in cash, cheque or demand draft. The application form must be then submitted with the photographs. The bank or the post office will then issue you the Kisan Vikas Patra Certificate. The certificate contains the following:

• Details of the applicant

• Amount invested

• Date of maturity

• Amount receivable on maturity

Those submitting the application form with cash or demand draft will get the certificate on the same day and he or she will receive an additional identity slip. The identity slip will act as a proof and will function efficiently in case you lose the original certificate. This identity slip will allow you to issue a duplicate certificate at the post office or the bank. The slip will help you in encashment of the maturity value at its maturity.

Types of Kisan Vikas Patra certificates offered

There are three types of certificates issued under Kisan Vikas Patra. They are:

• Single holder certificate: This certificate is issued to a major who is eligible to apply for the Kisan Vikas Patra or act as a guardian.

• Joint-A type certificate: This allows 2 adults to own the partnership. The maturity amount is payable to either the individuals or the nominee.

• Joint-B type certificate: This is issued to 2 adults to jointly open an account. The maturity amount is payable to any one of the individual or the nominee.

Interest rate offered for Kisan Vikas Patra

Kisan Vikas Patra offers interest rate at 8.67% per annum for 100 months. On maturity the amount invested will be doubled. The interest will differ according to the number of year the holder wants to hold the certificate. There is a lock in period of 2.5 years and one can only withdraw after that term.

Kisan Vikas Patra certificate transfer

The Kisan Vikas Patra can be transferred to any other person. The holder will have to submit a handwritten consent to the officer of the bank or post office. The acceptance of transfer depends on the following conditions:

• Transferee must be an Indian citizen.

• The transfer must be made under the directions stated by the court of law.

• If the applicant dies, the transfer must be made to his or her survivor.

• The holder or holders of the certificate must submit the Form A which is duly signed by them.

How to include a nominee for Kisan Vikas Patra?

Nominees can be included at the time of purchasing the Kisan Vikas Patra. Single or joint holder can nominate a person by filling up the Form C and submitting it along with the Kisan Vikas Patra Certificate application. The nominee will be eligible to receive the maturity amount in the event of the death of the certificate holder. If you wish to cancel a nominee at any times, you will have to submit the Form D.