kisan vikas patra scheme 2024/KVP scheme in post office,Bank/kvp interest calculator/tax benefits

Kisan vikas patra is a central government scheme, which provides capital protection and guaranteed returns, loan facility, nomination facility,high interest rates.

a)Who can open:
(i) a single adult
(ii) Joint Account (up to 3 adults)
(iii) a guardian on behalf of minor or on behalf of person of unsound mind
(iv) a minor above 10 years in his own name
(v) Any number of accounts can be opened under the scheme.

(b) Deposit:
(i) Minimum Rs. 1000 and in multiple of Rs. 100 , no maximum limit.

Interest rate:-
From 01.01.2024, interest rates are as follows:-
7.5 % compounded annually
Amount Invested doubles in 115 months (9 years & 7 months)

(c) Maturity:
The deposit shall mature on the maturity period prescribed by the Ministry of Finance from time to time as applicable on the date of deposit.

(d)Withdrawal Rules:
Investors may withdraw their money at any time under the terms of the plan, but there are several restrictions:
There will be no interest paid on early withdrawals made within a year. In accordance with the rules of the plan, the investor will also be penalised.
A lower rate of interest will be paid on early withdrawals made after a year and up to 2.5 years.
Premature withdrawals after 2.5 years are not subject to penalties, but are still subject to the applicable rate of interest.

(e)Tax Benefits:-
Tax benefit under section 80C is not applicable
TDS exempted after maturity period
The interest earned on the kvp is taxable


(f) Pledging of account:
(i) KVP may be pledged or transferred as security, by submitting prescribed application form at concerned Post Office supported with acceptance letter from the pledgee.
(ii) Transfer/pledging can be made to the following authorities.
The President of India/Governor of the State.

RBI/Scheduled Bank/Co-operative Society/Co-operative Bank.

Corporation (public/private)/Govt. Company/Local Authority.

Housing finance company.

(g) Premature closure:
KVP may be prematurely closed any time before maturity subject to the following conditions : -

(i) On the death of a single account, or any or all the account holders in a joint account
(ii) On forfeiture by a pledgee being a Gazette officer.
(iii) When order by court.
(iv) After 2 years and 6 months from the date of deposit.

(h) Transfer of account from one person to another person:
KVP may be transferred from one person to another person on the following conditions only.

(i) On the death of account holder to nominee/legal heirs.
(ii) On the death of account holder to joint holder(s).
(ii) On order by the court.
(iii) On pledging of account to the specified authority.

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