Kisan Vikas Patra in Bank

The Kisan Vikas Patra (KVP) is a government-backed small savings schemes designed to promote long-term saving habits among Indian citizens. Open to all citizens, including minors above 10 years old, KVP offers a secure and attractive option for those seeking guaranteed returns on their investment.

To invest in KVP, any Indian citizen can visit a designated post office branch and submit the required Know Your Customer (KYC) documents. The scheme provides fixed interest rates set by the government at the time of investment. The current rate (as of June 21, 2024) is 7.5%. You can invest any amount in multiples of Rs. 1,000 with no upper limit. Let's take a look at the list of banks that offer Kisan Vikas Patra (KVP).

Kisan Vikas Patra (KVP) was primarily available at post offices but some select public sector banks in India now also offer KVP among their other loan products.

KYC documents are required irrespective of whether you go to a bank or a post office.

Features of Kisan Vikas Patra in Bank

Kisan Vikas Patra is a savings certificate scheme launched by the Indian government to encourage small savings, particularly among rural and agricultural communities. It's a fixed-income investment option available at post offices and designated banks.

The table below presents the important features of Kisan Vikas Patra (KVP).

Feature Description
Minimum Investment Rs. 1,000
Maximum Investment No maximum limit
Available Denominations Rs. 1,000, Rs. 5,000, Rs. 10,000 & Rs. 50,000
Interest Rate 7.5% (as of June 21, 2024)
Maturity Period 115 months (approximately 9 years and 7 months)

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Note: Interest rates are subject to change by the Government of India.

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List of Banks That Offer Kisan Vikas Patra

Kisan Vikas Patra (KVP) is a government-backed savings scheme offered by India Post and several public sector banks in India. It offers guaranteed returns with interest compounded annually, making it a secure and attractive option for long-term investors.

Here's a list of some of the banks that offer Kisan Vikas Patra.

State Bank of India (SBI) Bank of Baroda Allahabad Bank
Canara Bank Punjab National Bank Andhra Bank
State Bank of Patiala State Bank of Bikaner and Jaipur ICICI Bank
Axis Bank Union Bank of India Bank of Maharashtra
Central Bank of India Corporation Bank Indian Bank

Kisan Vikas Patra Interest Rate in Bank

The current interest rate of KVP is 7.5% per annum (KVP interest rate for senior citizens remains the same). This interest rate of KVP was effective from April 1, 2023, to June 30, 2024 (Q1 FY 2024-25). It means that the 7.5% rate applies specifically to investments made during this period. The government may set different interest rates for subsequent quarters.

Interest rates are periodically reviewed by the government. It can be adjusted based on economic conditions and the adjustments typically happen every quarter. However, interest rates for KVP can change.

Past Interest Rates of Kisan Vikas Patra

To get a full picture of how KVP interest rate changes over a period of time would help you make better investment choices. The table below provides the historical interest rates of KVP between Quarter 1 and Quarter 4 of a year.

Financial Year January-March (Quarter 1) October-December (Quarter 4)
2023-2024 7.5% 7.5%
2022-2023 7.2% 7.0%
2021-2022 6.9% 6.9%
2020-2021 6.9% 6.9%
2019-2020 7.6% 7.6%

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Growth of Investment with Kisan Vikas Patra

Kisan Vikas Patra (KVP) grows your money through a combination of guaranteed interest and compounding. The government sets a fixed interest rate, currently at 7.5%, which you earn annually. Here, instead of just receiving that interest, it gets added to your principal amount. So, in subsequent years, you earn interest on a larger amount and accelerate your money's growth over the 115-month maturity period. Even after maturity, the interest keeps compounding until you withdraw your funds.

The table below shows the KVP returns for an investment of Rs 1,000.

Time Period Bank Account Balance
2.5 years - Less than 3 years ₹1,173
3 years - Less than 3.5 years ₹1,211
3 years - Less than 4 years ₹1,251
4 years - Less than 4.5 years ₹1291
4.5 years - Less than 5 years ₹1,333

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KVP Eligibility Criteria

To invest in Kisan Vikas Patra (KVP), you'll need to be eligible for certain criteria.

  • Any resident Indian can invest in KVP, including minors (by an adult).
  • NRIs, HUFs, Trusts, companies, and charitable organizations are not eligible.

Documents Required to Invest In Kisan Vikas Patra

There are certain documents you will need to submit to invest in Kisan Vikas Patra (KVP), these are:

  • Kisan Vikas Patra Application Form (Form A)
  • KYC Documents (Identity & Address Proof): Aadhaar card (Aadhaar is now mandatory), PAN Card, Voter ID Card, Passport, and Driving License.

Kisan Vikas Patra Calculator

Calculate KVP maturity amount with ease using the online KVP calculator. The scheme dobles your investment in the span of 115 months (9 years and 7 months). Input your invested amount to chekc your KVP maturity amount.


*** Rate of Interest & Tenure is fixed.

Maturity Year :    2033
Maturity Value :    ₹30,00,000

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Steps to Invest in KVP

Kisan Vikas Patra (KVP) is a safe and secure investment option offered by the Indian government. It provides attractive interest rates and is a good way to grow your savings over a fixed period. There are two ways to invest in KVP.

Offline Process To Invest In KVP

  • Step 1: Visit your nearest post office or authorized bank branch.
  • Step 2: Collect and fill out Form A (application form).
  • Step 3: Submit the form along with KYC documents (ID & address proof - PAN, Aadhaar, Voter ID, Driver's License, or Passport).
  • Step 4: Make the investment amount payment (cash, cheque, demand draft).

Online Process To Invest In KVP

  • Step 1: Visit the India Post website or your bank's internet banking portal.
  • Step 2: Download Form A and fill it out electronically.
  • Step 3: Submit the form along with scanned copies of KYC documents.
  • Step 4: Once verified, make the online payment.

Frequently Asked Questions

Yes, the post office can issue a duplicate Kisan Vikas Patra (KVP) if yours is lost, stolen, destroyed, mutilated, or defaced. You'll need to fill out Form NC-29 and submit it along with a photocopy of the original certificate (if available) and indemnity bond.

No, Kisan Vikas Patra can typically be encashed at other post offices as well, but you may need to complete additional formalities for verification. However, encashing at the issuing post office is always easier.

After your KVP matures (115 months), visit the issuing post office/bank with your identity slip for direct credit of the maturity amount to your linked savings account.

Yes, KVP interest is taxable. You'll need to declare the interest earned every year under "Income from other sources" in your tax return. The maturity amount itself is not taxed.

The current interest rate for Kisan Vikas Patra (KVP) is 7.5%, compounded annually. At this rate, it takes approximately 115 months (9 years and 7 months) for your investment to double..

No, the original Kisan Vikas Patra certificate becomes invalid after a transfer. A new certificate is issued in the transferee's name.

Yes, you can transfer a KVP certificate to another person with approval from a post office or bank officer, but there are certain conditions. These include transfers due to inheritance, court order, or between joint holders.

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