Important Points to know about Kisan Vikas Patra (KVP):
Important points that we have to know about the Kisan Vikas Patra (KVP) were given here, which will be more helpful for the candidates those who are preparing for the upcoming exams.
KISAN VIKAS PATRA
1). Kisan Vikas Patra is a savings certificate scheme launched by India Post in 1988
2). This scheme was well received at first, but then was closed down in 2011 for the following reasons:
a) KVP could be misused according to a report given by the committee under Shayamla Gopinath
b) The farmers for whom it was intended were not getting benefitted
3). The new UPA Government reintroduced the scheme in 2014 to
a) Provide an opportunity for millions of people to invest in long term savings plan
4). The invested amount doubles in eight years and 4 months
5). The Small Savings Directorate issues KVP savings certificate across the country through
a) Post offices
b) Nationalized banks
6). The minimum withdrawal period is 2.5 years from the time of purchasing the certificate
7). The encashment includes the interest acquired for the stated period
8). KVP can be purchased by the following categories
a) An adult in his own name or on behalf of a minor
b) A Trust
c) Two individuals jointly
9). The KVP certificates are available in the following denominations:
a) Rs. 1000
b) Rs. 5000
c) Rs. 10,000
d) Rs. 50,000
10). KVP does not offer any income tax benefits
11). Withdrawals are exempted from Tax Deduction at source(TDS) upon maturity
12). The interest rate of KVP is 8.72% annually
13). The maturity period is 30 months
14). The certificate can be encashed in the following situations
a) Event of death of the certificate holder
b) Forfeiture by a pledge
c) On the order of the court
15). There are 3 – types of certificates available under the KVP scheme
a) Single Holder Certificate
· An individual precisely a major is eligible to apply in his/her own name or as a guardian to a minor
b) Joint – A Type Certificate
· A single certificate allows 2 – adults to own the partnership
· The maturity amount is payable to both the individuals together
c) Joint – B Type Certificate
· Allows 2 – adults to open the account jointly
· The maturity amount is payable to any one of the two individuals
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