Kisan vikas patra kvp is a savings scheme available at india post offices in the form of certificates. The reason for withdrawal was laundering of black money through this small savings scheme. Patra kvc, a post office savings instrument product that is being reintroduced after an. Available to the investors in the denomination of rs. The reason is to provide flexibility to the customer. This is provided in the form of a saving certificate where the amount that is invested will double in 8 years 4 months 100 months time. Kisan vikas patra kvp was relaunched with much fanfare by the finance ministry, with initial reports suggesting the minister promised these would be bearer instruments that could be purchased in cash. Some people have a misconception that only a farmer can invest money in kisan vikas patra. Kisan vikas patra kisan vikas patra india information on. This scheme was first launched by india post in 1988. The government has lowered interest rates on small saving schemes like ppf, kisan vikas patra and sukanya samriddhi scheme by 0. This is to inform you that by clicking on the hyperlinkok, you will be accessing a website operated by a third party namely such links are provided only for the convenience of the client and axis bank does not control or endorse such websites, and is not.
The kisan vikas patra usually abbreviated as kvp was introduced back in 1988. First launched in 1988, the kisan vikas patra kvp is one of the premier and popular saving scheme offering from the indian postal department. In 2014, kvp was relaunched with some changes including mandatory pan card proof for investments over rs. Kisan vikas patra kvp scheme was first launched by government of india in 1988. An identity slip may be procured from the post office. Nov 17, 2014 kisan vikas patra is a saving scheme that was announced by the government of india that doubles the money invested in eight years and seven months. Kisan vikas patra rules, 2014 national savings institute. The directorate of small savings government of india authorized our bank to sell these saving certificates. The introduction of kisan vikas patra is like a boon to all the people from urban and semirural areas. Complete guide to kisan vikas patra kvp types, transfer. May 26, 2017 kisan vikas patra is a saving certificate scheme which was first launched in 1988 by india post.
The kisan vikas patra is a fixed income earning instrument and. Government relaunches kisan vikas patra current affairs today. First launched in 1988, the kisan vikas patra kvp is one of the premier. Dec 23, 2014 kisan vikas patra was popular among many rural indians but was earlier discontinued. The kvp form has to be filled and submitted along with cashchequedraft at the post office. Kisan vikas patra kvp investment will double in 100 months. Interest rates on public provident fund, kisan vikas patra. It was successful in the early months but afterwards the government of india set up a committee under supervision of shyamala gopinath which gave its recommendation to the government that kvp could be misused. Kisan vikas patra rules, 1988 tax management india. The government offers the kisan vikas patra certificate in many denominations. Kisan vikas patra was very popular small saving instrument earlier, however, due to some reasons, this was discontinued. The organization that introduced this investment scheme was india post. Kisan vikas patra was one of the most popular and successful small savings scheme in india till it was withdrawn in 2011. Govt of india has launched new kisan vikas patra kvp last tuesday, 18th november, 2014.
It is a fixed rate small savings scheme designed to double your investment after a predetermined period of time 1 months in the currently available issue. This scheme has been reintroduced from 2014 with an renewed interest rate of 8. Kisan vikas patra kvp investment will double in 100. Ppf, kisan vikas patra hit for apriljune, these have been lowered by 0. This week, details about kisan vikas patra and how you should pay tax on your property. Here are the full revised kisan vikas patra rules 2014 gsa 705e. Oct 16, 2014 here are the full revised kisan vikas patra rules 2014 gsa 705e. Investments in the popular public provident fund ppf scheme will continue to fetch an annual interest rate of 8%, the same as 5year national savings certificate, the finance.
Finance in india, kisan vikas patra, post office savings. Mar 19, 2016 interest rates on public provident fund, kisan vikas patra slashed the kisan vikas patra will fetch 7. Central government amends the kisan vikas patra rules. Government of india decided to close this scheme thought of people can misuse this and kvp was closed in 2011 and the new government relaunched it in 2014. Nov 27, 2014 new kisan vikas patra kvp can we invest in this. Kisan vikas patra kvp is a small savings tool to make it possible for people to invest in a long term savings plan. No kyc for kisan vikas patra but interest payment to face tds.
As per current rules, kvp certificates can be purchased from select public sector banks as well as from india post offices. Under this scheme it doubles the money invested in eight years and seven months. Cnbc awaaz presents tax guru, your guide to tax planning. The kisan vikas patra is a savings scheme certificate that can be purchased from india post. Even though this scheme was popular, a government committee formed in 2011 suggested that kvp could be. Kisan vikas patra and its related benefits bangalore buzz.
Kisan vikas patra is a small savings instrument that facilitates people to invest in a longterm savings plan. Kisan vikas patra yojna has been relaunched by government of india on 18th november,2014. The reintroduction of kisan vikas patra kvp by the government of india will provide an opportunity for millions of people to invest in longterm savings plan. How banks will pay commission to agents for kisan vikas patra department of economic affairs, ministry of finance, government of india has advised, vide office memorandum f. Kisan vikas patra is a saving certificate scheme which was first launched in 1988 by india post. In 2014, the newlyelected modi government decided to reopen kvp. Kisan vikas patra is a saving certificate which was first launched in 1988.
With no tax benefits on money invested as well as interest accrued, this scheme seems to lose its charm this time. To apply for kisan vikas patra, you need to submit an application form a or form a1 either in person or with the help of agent of the small savings scheme. Dec 15, 2014 kisan vikas patra kvp was relaunched with much fanfare by the finance ministry, with initial reports suggesting the minister promised these would be bearer instruments that could be purchased in cash. The kisan vikas patra is a savings scheme certificate that can be. Even though this scheme was popular, a government committee formed in 2011 suggested that kvp could be misused for purposes like money laundering. Kisan vikas patra is a saving scheme that was announced by the government of india. The kisan vikas patra which is a fixed income earning instrument and on which fixed interest is paid can be purchased from any post office across india. Interest rates on public provident fund, kisan vikas patra slashed the kisan vikas patra will fetch 7. Kisan vikas patra were launched in 1988, as a small savings instrument.
Kisan vikas patra kisan vikas patra india information. In exercise of the powers conferred by section 12 of the government saving certificates act, 1959 46 of 1959 and in suppression of the kisan vikas patra rules, 1988 except as respects things done or omitted to be done before such supersession, the central government. How to invest in kisan vikas patra kisan vikas patra. Investment in kvp will get doubled in 100 months but no withdrawal can be made up to 2. Kvp certificate shall be encashable at the post office of its issue, provided that a kvp certificate may be encashed at any other post office, if the officerincharge of that post office is satisfied on verification from the post office of issue that the person presenting the certificate. Apr 18, 2016 kvp is sold by the govt and can be purchased through post office. Applicant can avail loan with the ppf account as collateral from the 3rd financial year. Maturity period and interest rate on kisan vikas patra kvp the maturity period of the kisan vikas patra is 9 years and 10 months and on maturity the amount invested gets doubled. Kisan vikas patra was initially launched in the year 1988. In this article you can find all advantages or benefits of kisan vikas patra like kisan vikas patra is highly secured, kisan vikas patra is flexibility in terms of amount etc. Should you invest in new kisan vikas patra small saving. Certificates act, 1959 46 of 1959 and in supersession of the kisan vikas patra rules, 1988 except as respects things done or omitted to be. Kisan vikas patra kvp has been reintroduced in budget 2014 which was earlier discontinued in the year 2011. Kisan vikas patra rules 2014 notified by government.
Patrakvc, a post office savings instrument product that is being reintroduced after an. The government will not insist on know your customer kyc guidelines on kisan vikas. In 1988 government of india introduced this scheme. Kisan vikas patra can be purchased by making payment either in cash, cheque, pay order or demand draft. Indira vikas patra rules, 1986, kisan vikas patra rules, 1988 and national savings certificates viii issue rules, 1989. Interest rate on ppf, kisan vikas patra, other small savings plans unchanged public provident fund scheme will continue to fetch an interest of 8%. Comparison between post office mis, nsc, ppf and kvp a. Kisan vikas patras is a safe and long term investment option backed by the government of india which provides interest income similar to bonds. Nov 18, 2014 on 18 th november 2014, union government relaunched kisan vikas patra scheme kvp in new delhi to encourage the habit of small savings among the citizens. However, due to many incidents of misuse of kvp, the government closed this scheme in 2011. Kisan vikas patra is a saving scheme that was announced by the government of india that doubles the money invested in eight years and seven months. Kisan vikas p atra is a saving certificate scheme which was first launch ed in 1988 by india post. This was because the farmers for whom it was intended was not getting benefited. Introduction, benefits, interest rates, various types.
At your request, you are being redirected to a third party site. Kisan vikas patra it is a saving certificate scheme which was first launched in 1988 by india post. Kisan vikas patra kvp is a saving instrument that provides interest income similar to bonds. Kisan vikas patra was first launched on 1 april 1988, with a maturity period of five years and six months.
Kisan vikas patra was a very popular investment scheme amongst the investor which was discontinued wef 30. Dear sir whether deposit in kisan vikas patra is allowed as deduction u s 80c for tax saving on salary income for the current financial year 2014 2015 regards arun. The kisan vikas patra scheme was originally launched in april, 1988 but was discontinued in 2011. Kisan vikas patra is a small saving certificate scheme of indian post office which was introduced in 1988, but was discontinued in 2011. The government has kept the interest rate on small savings schemes such as ppf and kisan vikas patra unchanged for the januarymarch quarter, going against the expectations that the rates will be cut. In 2011 a government committee was formed who suggested that kisan vikas patra. Kvp can be purchased by an adult for self or on behalf of a minor, in a joint name, or by a trust. This is a post office scheme, so there is no money to sink money. May 19, 2018 kisan vikas patra kvp is a small savings tool to make it possible for people to invest in a long term savings plan. It was successful in the early months but afterwards the. Kisan vikas patra kvp kisan vikas patra is a saving scheme that was announced by the govt. In 2011 a government committee was formed who suggested that kisan vikas patra kvp could be subjected to money laundering.
Initially successful, it was later deemed to be a produc. Please read and agree with the disclaimer before proceeding further. Apr 27, 2020 you can purchase a kisan vikas patra from any departmental post office in your area. The scheme will soon be made available through designated branches of nationalized banks across the country. Attribute feature po mnthly income scheme national savings certificate public provident fund central govt. Interest rate on ppf, kisan vikas patra, other small savings. Interest rate on ppf, kisan vikas patra, other small.
Saving schemes in india fundstiger fast loans for india. Kisan vikas patra was popular among many rural indians but was earlier discontinued. Kisan vikas patra tax on interest income tax forum. Jul 15, 2017 in exercise of the powers conferred by section 12 of the government savings certificates act, 1959 46 of 1959, the central government hereby makes the following rules to amend the kisan vikas patra rules, 2014, namely. Government relaunches kisan vikas patra current affairs. Jan 14, 2020 the government has lowered interest rates on small saving schemes like ppf, kisan vikas patra and sukanya samriddhi scheme by 0. However, you should be aware of the rules and guidelines of kisan vikas patra or kvp before you decide to purchase the same to avoid any surprises. Kisan vikas patra minimum annual payment multiples above rs. Dec 17, 2014 cnbc awaaz presents tax guru, your guide to tax planning. On 18 th november 2014, union government relaunched kisan vikas patra scheme kvp in new delhi to encourage the habit of small savings among the citizens. With few amendments and improvisation, it was relaunched in 2014 to encourage longterm financial investment. Hence the government of india decided to close this scheme and kvp was closed in 2011. The directorate of small savings government of india, sells these saving bonds through all post off. One of the primary reasons for the introduction of this scheme was that small investors from semiurban and rural areas, who didnt have access to grand investment schemes usually available to.
Ppf account, national savings certificate, and fixed deposits etc. Nov 18, 2014 kisan vikas patra kvp investment will double in 100 months. Launched under government savings certificates act 1959. At the same time, there is no fixed amount of investment. Investment made in the kvp will double in 100 months. Kisan vikas patra with the backup of indian government is trusted by people all over the country.
The scheme can be accessed from any post office by a person who is above 18 years of age. Apr, 2016 first launched in 1988, the kisan vikas patra kvp is one of the premier and popular saving scheme offering from the indian postal department. In exercise of the powers conferred by section 12 of the government savings certificates act, 1959 46 of 1959, the central government hereby makes the following rules to amend the kisan vikas patra rules, 2014, namely. Kvp is sold by the govt and can be purchased through post office. Here are few benefits of kisan vikas patra karnataka that one should know. It is a savings certificate scheme introduced by the department of post of india in 1988. August 28, 2015 kvp certificate shall be encashable at the post office of its issue, provided that a kvp certificate may be encashed at any other post office, if the officerincharge of that post office is satisfied on verification from the post office of issue that the person presenting the certificate. The scheme is designed to encourage longterm investment and savings amongst the. You can purchase a kisan vikas patra from any departmental post office in your area.