Kisan Vikas Patra (KVP) is a great savings scheme launched by Indian Post Offices in the year 1988. The initial objective of the scheme was to help farmers to save money for a longer period and hence got the name. However, the objective has widened its perspective to encourage long-term investment among more citizens. The scheme is designed to double the amount invested during the tenure.
Kisan Vikas Patra provides three types of certificates.
- Single Holder Type Certificate: This type of certificate can be issued to any Indian citizen who is an adult for self or on behalf of a minor.
- Joint A Type Certificate: This type of certificate can be issued to two adults jointly and is payable to both or survivors.
- Joint B Type Certificate: This type of certificate can be issued to two adults jointly and is payable to either or survivor.
These certificates can be easily transferred from one post office or bank to another.
The scheme is greatly known for being a safe investment mode involving lower risks and higher rates of interest than many schemes available. KVP can also help in availing loan by working as collateral. As this scheme is accessible to more citizens, the eligibility of this scheme is based on simple aspects such as age and nationality. In this article, we discuss the eligibility factors of Kisan Vikas Patra in detail.
Who is eligible?
Basically, anyone who is approved of certain terms can be considered as eligible to apply for this scheme. The person who is applying must be of Indian nationality. Also, that person should be over the age of 18 years. Yet, any minor can also indirectly get Kisan Vikas Patra certificate if any adult gets Kisan Vikas Patra certificate on minor’s behalf. The date of birth is to be entered on the form for verification. Also, there is no age limit set, so any adult can be considered eligible. Trust is also considered eligible for the scheme so if you work in any trust and are of Indian nationality and over the age of 18 years, you are also eligible to buy the Kisan Vikas Patra certificate as a single holder or can even buy on behalf of the trust.
Who is not eligible?
After covering all those people who are eligible, now we cover those who are not eligible. Even after being inclusive for such a wide population, there are still some left. If you are Non-Resident Indian (NRI), you are not eligible for the scheme. If you come under Hindu Undivided Family (HUF), you are not eligible for the scheme. Business units that include corporates, firms, institutions, organizations etc. are not eligible for availing the scheme.