Kisan Vikas Patra (KVP) is a savings scheme available in post offices across India. This initiative by the Indian government promotes small savings for a secure financial future. A minimum of Rs.1000, and any sum in multiples of Rs.100 is to be deposited for opening a KVP account, with no maximum investment limit.
Kisan Vikas Patra (KVP) Introduced in 1988 by the Indian Post for encourages small savings over the long term among the masses for securing their future. It is a risk-free investment option for long-term savings. It is a low-risk savings platform where you can safely park your money for a certain period.
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What is KVP or Kisan Vikas Patra?
India Post introduced the Kisan Vikas Patra (KVP) as a small saving scheme. These schemes cater to various financial goals, such as retirement, education, and emergency funds. The minimum investment amount is Rs.1,000, and there is no upper limit. The tenure for the scheme is now 115 months (9 years and 5 months). Initially, KVP was launched for Indian farmers but can be availed by all now.
Types of KVP Certificates
- Single Holder Certificate – Issued to an eligible individual for self/behalf of a minor/minor.
- Joint ‘A’ Certificate – Issued to two eligible individuals, payable to both holders jointly or survivors.
- Joint ‘B’ Certificate – Issued jointly to two eligible individuals, payable to either of the joint holders or the survivors.
KVP Interest Rates
The current KVP interest chart and that for the preceding five financial years are shown below for a better understanding of the interest rates. The KVP interest rate chart for the last few quarters is illustrated in the table below-
| Time Period | KVP Interest Rate |
| Q1 FY 2024-25 | 7.5% |
| Q4 FY 2023-24 | 7.5% |
| Q3 FY 2023-24 | 7.5% |
| Q2 FY 2023-24 | 7.5% |
| Q1 FY 2023-24 | 7.5% |
| Q4 FY 2022-23 | 7.2% |
| 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% |
Documents Required to Apply KVP
When you are filling up application for Kisan Vikas Patra (KVP), you have to keep these documents in hand. Listed below are those
- Address proof
- Birth Certificate
- Identity proof, such as Aadhaar Card, Voter ID, PAN, drivers license, passport.
- And duly filled application form for KVP
Eligibility Criteria
The following is the eligibility criteria for investing in the KVP scheme:
- The applicant has to be an adult resident of India.
- The applicant must be above 18 years of age
- A parent/guardian may invest on behalf of a minor.
- A trustee can purchase a KVP certificate.
- Hindu Undivided Families (HUFs) and Non-Resident Indian (NRIs) cannot invest in Kisan Vikas Patra.
How to apply Kisan Vikas Patra Scheme
Step 1: Go to your nearest Post Office branch where the KVP scheme is available.
Step 2: Ask for the KVP application form (Form-A) and fill in the required details such as name, address, investment amount, nominee details, etc.
Step 3: Submit identity proof (Aadhaar, PAN, Voter ID) and address proof.
Step 4: Make the payment either in cash, cheque, or demand draft.
Step 5: You will receive a Kisan Vikas Patra certificate (either physical or electronic), which serves as proof of investment.
If you’re searching for a risk-free and government Schemes, the Kisan Vikas Patra Scheme is worth considering.