Eligibility of the Kisan Vikas Patra Scheme
The following requirements should be fulfilled by potential investors in the Kisan Vikas Patra Scheme as it is considered a secure shelter for savings in India.
- Investments are open to any adult Indian citizen.
- A grownup can make investments on a minor’s behalf as well.
- KVP can be invested jointly by two people.
- A Trust may also make investments.
- There is a nomination facility.
Not allowed: Organizations including businesses, institutions, NRIs, and Hindu Undivided Families (HUF) are not permitted to invest in KVP.
Kisan Vikas Patra Scheme
Kisan Vikas Patra Scheme: Kisan Vikas Patra Scheme (KVP) was launched in 1988, to assist poor, vulnerable, rural, and tribal families that lacked access to mainstream banking and financial systems. Farmers are referred to as Kisan in Hindi, whereas development is referred to as Vikas and certificates as Patra. The fact is that it was designed to assist farmers in saving money for the future. No distinction is made between participants from urban and rural regions under the scheme. It was successful in the beginning, but in 2011 it was abandoned as it may be used for money laundering. To address public demand and to resurrect little savings, the Finance Minister declared in 2014–15 that Kisan Vikas Patra (KVP) will be reinstated. This was reintroduced on November 18, 2014, with effect.
In this article, you will read about the Kisan Vikas Patra Scheme, its features, types, eligibility, maturity period, benefits, etc.
Table of Content
- What is Kisan Vikas Patra Scheme?
- Features of the Kisan Vikas Patra Scheme
- Kisan Vikas Patra Rate of Interest
- Types of Kisan Vikas Patra
- Eligibility of the Kisan Vikas Patra Scheme
- Maturity Period of Kisan Vikas Patra Scheme
- Benefits of Kisan Vikas Patra Scheme