Investing in Kisan Vikas Patra (KVP) is very simple. First of all let me clear one myth, Some people thinks that Kisan Vikas Patra (KVP) is only for farmers. But it's not true. Kisan Vikas Patra (KVP) is available for investment for all resident of indian. However Non Resident of Indian (NRIs) and Hindu Undivided Family (HUFs) can not do investment in Kisan Vikas Patra (KVP).
Now let's get familiar with different kinds of Kisan Vikas Patra (KVP) certificates. Kisan vikas patra certificates are of three types.
- Single Holder Type Certificates
- Joint A type Certificate
- Joint B type Certificate
Single Holder Type Certificate is Issued to an adult for himself or on behalf of a minor or to a minor.
Joint A type Certificate is issued jointly to two adults payable to both the holders jointly or to the survivor.
Joint B type Certificate is issued jointly to two adults payable to either of the holders jointly or to the Survivor.
How to do investment in Kisan Vikas Patra (KVP) Certificates?
Now that you have checked eligibility of investment of Kisan Vikas Patra (KVP) and you know different types of certificates, let's get to know how to make investment
You need to fill Form-A and submit to post office. If you are doing investment in Kisan Vikas Patra (KVP) through an agent, then agent need to fill Form-A1. You can either download these form online, print and fill it and submit to post office; or you just walk in to post office and request these form. Choose as per your convenience.
Links to download Kisan Vikas Patra (KVP) forms:
If payment is done through cash, then Kisan Vikas Patra (KVP) Certificates is issued on the spot. However if payment is done through Cheque, Demand Draft or Money Order then person has to wait till amount is cleared to post office and then Kisan Vikas Patra (KVP) Certificates is allocated.
At time of purchase you need to submit identity proof. Some other things while purchasing Kisan Vikas Patra (KVP) Certificates also needed to note, such as
- Mention if the Kisan Vikas Patra (KVP) is purchased singly or is it a joint purchase, for a joint purchase, be sure to mention both the names on the form.
- If the Kisan Vikas Patra (KVP) is purchased on behalf of a minor, then you need to mention the date of birth of the minor and the name of the parent or a guardian by whom the Kisan Vikas Patra (KVP) will be encashable.
- If you wish to nominate person(s) for your Kisan Vikas Patra (KVP), please mention their full name and address and if a nominee is a minor, the date of birth is required as well.
- When you submit form to the Post Office, you will receive a Kisan Vikas Patra (KVP) Certificate with your name, the amount, the maturity date and the amount you will receive on the date of maturity.
I hope this article is useful to you. Thanks.