Kisan Vikas Patra Yojana 2020-21 | Apply Online, Eligibility, Tax Benefit, Interest Rate, FAQs

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The Government of India has been launching various types of schemes over the past year to promoting saving towards the citizens of the country. Recently the central government has announced Kisan Vikas Patra Yojana, under this scheme now everyone can invest in the general terms. Also, this scheme has been introducing for all those who do not want to risk their savings, seems this scheme (Kisan Vikas Patra Scheme) is a fixed savings scheme this can be available in all Indian Post Office. The government has designed to double an investment of an individual after a predetermined period of time.

If you are looking to know more about the Kisan Vikas Patra Scheme (KVP) you can keep reading the full article, here in this article we have discussed what is Kisan Vikas Patra Scheme? Its purpose, Features, Benefits, and online applying procedure for Kisan Vikas Patra Yojana.

Also Read: PM Kisan Samman Nidhi Scheme 2020 | PM Kisan Yojna list

Kisan Vikas Patra Yojana Overview

Name of the Scheme Kisan Vikas Patra Yojana
Launch Under Central Government of India
Beneficiary Citizens of India
Main Objective of Scheme To promote the spirit of saving towards the countrymen
Launch year 2020
Investment period 124 Month
Minimum Investment From Rupees 1000/-
Maximum Investment No Limits
Rate on Interest 6.9%
Mode of Application Online

Kisan Vikas Patra 2020

Kisan Vikas Patra Scheme is a type of savings plan scheme. Through this scheme, one can double the investment amount after the investment period, under this scheme you can also apply from any bank or post office throughout the country. To double your investment amount the investor needs to invest for 10 years and 4 months (124) month. To apply for this scheme it is not mandatory that only farmers can apply, you only need to be a citizen of the country. Under this scheme, Kisan Vikas Patra Yojana investor can apply for the minimum amount of 1000 and there are no maximum limits one can invest as must as you want.

Kisan Vikas Patra Yojana 2020

What is Kisan Vikas Patra? Upse

The Kisan Vikas Patra was first introduced by the Indian Post in the year 1988, this scheme is a saving scheme which was launch to encourage a long-term financial discipline for the investor. Through this scheme was close in the year 2011 by the government of India after a government committee suggested that this scheme was misused for money laundering purposes. Through the long discussion now the government has launched the Kisan Vikas Patra Scheme again in the year 2014 according to the 2014 amendment of Kisan Vikas Patra.

The objective of the Kisan Vikas Patra Scheme

The Kisan Vikas Patra Scheme was launch to encourage the spirit of the citizen, for those who are looking to invest in a long-term scheme to double their amount. Through this scheme all the investor can now double their investment with no risk, this will also motivate more and more people to invest under this scheme. The Kisan Vikas Patra yojana also offers up to 6.8% of an interest rate for up to 124 months. Also through this scheme, the economic condition of the people will improve.

Kisan Vikas Patra Yojana Benefit and key Features

If you are looking to apply for this scheme, first you must know all the benefits and features. Here are the lists of benefits of the Kisan Vikas Patra Scheme given below.

  • The Kisan Vikas Patra Yojana is a type of savings scheme, through which one can double their investment by investing through this scheme.
  • To double your investment, the investor will need to invest for at least 124 months (10 years 4Month)
  • The minimum amount to investment under this scheme is as low as Rs 1000/
  • There is no maximum limit set to invest in this scheme
  • If you are looking to invest the amount of more than Rs 50,000/- then the investor will need to submit their PAN card details.
  • This scheme is applicable through the Indian Post or Bank account
  • Once you have invested in any Post of Bank, the Kisan Vikas Patra can be transferred to any branch of Post or Bank.
  • The Kisan Vikas Patra can be filled in a check of cash amount.
  • On submitting the Kisan Vikas Patra form, or while investing in this scheme the investor will be provided a Kisan Vikas certificate containing the maturity date, beneficiary name, and maturity amount
  • The Kisan Vikas Patra Scheme provides an interest rate of up to 6.9% for a 124 month
  • You can also withdraw your amount at any time, but withdraw should be within 1 year then no interest will be provided and no penalty will be a label.
  • Also, the Kisan Vikas Patra Yojana can be used as a guarantee to get a loan.

Types of Scheme provided under Kisan Vikas Patra Yojana

There are different types of scheme available under Kisan Vikas Patra Yojana, here are the details are given below.

Joint A: under this section, a furnished to two adults can be joint. This is payable to both the individuals and the one who survives till the maturity date.

Join B: under this section, a furnished to two adults can be joint and will be paid to either of the owners or to the one who survives till the maturity date.

Eligibility criteria to apply for Kisan Vikas Patra Yojana 2020-21

If you are looking to apply for the Kisan Vikas Patra Scheme, then here are the eligibility criteria given below.

  1. To apply for the Kisan Vikas Patra Scheme, the Applicant must be a citizen of India.
  2. Applicant must be over 18 years of age, during the time of applying
  3. If the applicant is minor then his parents can invest in this scheme.
  4. Hindu undivided families or non-resident Indians are not eligible for this scheme.

What is the Document required for Kisan Vikas Patra Yojana?

If you are looking to apply for the Kisan Patra Yojana, hence you must keep the mention documents handy while applying for the scheme.

  • At the time of launching the scheme, the government of India has made PAN Card proof compulsory for any investments made above 50000 to prevent the risk of money laundering.
  • Now according to the new norms, submission of income proof such as salary slips, bank statement or ITR documents has made compulsory to deposit Rupees 10 lakh and above.
  • ID proof copy such as PAN card, Aadhar Card, Voter ID Card, Driving License pr Passport is made compulsory.

Kisan Vikas Patra Calculator 2020

Here we have provided the descriptive example of the calculation of maturity amount and the interest rate under the Kisan Vikas Patra Scheme.

Duration 15th Jan 2000-28th Feb 2001 1st Mar 2001- 28 Feb 2002 3rd Mar 2002- 28th Feb 2003 After 1th Mar 2003
Year-Month Amount Accrued
1 Year NA NA NA NA
2 Years NA NA NA NA
2 Years 6M Rs. 1246 Rs. 1209 Rs. 1195 Rs. 1170.51
3 Years Rs. 1302 Rs. 1274 Rs. 1256 Rs. 1207.95
3 Years 6M Rs. 1407 Rs. 1327 Rs. 1305 Rs. 1267.19
4 Years Rs. 1478 Rs. 1409 Rs. 1382 Rs. 1310.8
4 Years 6M Rs. 1585 Rs. 1470 Rs. 1439 Rs. 1355.9
5 Years Rs. 1668 Rs. 1572 Rs. 1534 Rs. 1435.63
5 Years 6M Rs. 1779 Rs. 1644 Rs. 1602 Rs. 1488.49
6 Years Rs. 1874 Rs. 1770 Rs. 1672 Rs. 1543
6 Y 6M Rs. 2000 Rs. 1857 Rs. 1800 Rs. 1649.13
7Years NA NA Rs. 1883 Rs. 1713.82
7 Years 3M NA Rs. 2000 NA NA
7Y 6M NA NA NA Rs. 1781.06
7Y 8M NA NA Rs. 2000 NA
8Y & 8Y 7M NA NA NA Rs. 1850.93
8Y 7M NA NA NA Rs. 2000
More than 8Y NA NA NA NA

How to Apply Online for Kisan Vikas Patra Yojana?

To apply for the Kisan Vikas Patra Scheme Online here are the step by step guide given below.

  • Step 1: Go to the official web portal of the particular Bank or Post Office, for which you are looking to apply.
  • Step 2: From the home page of the particular site, click on the investment plan
  • Step 3: On the given page you will see the option of “Kisan Vikas Patra” if it is available with the particular bank
  • Step 4: Once you click on the link, the application form will be open in front of your screen.
  • Step 5: Now enter all the information asked on the application form, also you will need to upload all the supporting documents.
  • Step 6: Once you have filled your application form, now click on the “submit” button
  • Step 7: thus, you have applied for the Kisan Vikas Patra scheme.

How to apply offline for Kisan Vikas Patra Yojana?

To apply for Kisan Vikas Patra Scheme offline, here is the step by step guide given below.

  • Step 1: You will need to visit your nearest post office or Bank
  • Step 2: Once you visit the Bank, asked for the Kisan Vikas Patra application form
  • Step 3: Fill all the details asked on the application form, also attach all the supporting documents with the application form.
  • Step 4: Now submit the application form, at the same Bank of Post office

For More update on Kisan Vikas Patra Yojana keeps visiting our site https://www.sarkariyoujana.in/ 

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