On 18th Nov 2014, Government of India re-launched one of famous Postal Savings Scheme called Kisan Vikas Patra or KVP. It was mentioned in a Finance Minister’s budget speech also. So let us see its feature and feasibility.
How much you can invest?
There is no maximum limit specified. However, the minimum will be Rs.1, 000 and in denomination of Rs.1, 000, Rs.5, 000, Rs.10, 000 and Rs.50, 000. In addition, there is no limit in holding a number of certificates from an individual.
What is a period of Kisan Vikas Patra (KVP)?
This certificate will mature after 8 Yrs and 4 months. Your money money will double after 8 Yrs and 4 months. Therefore, interest will be 8.67%, which is annually compounding. For Financial Year 2015-16 the interest on KVP remained unchanged i.e. 8.7%.
Who can invest in Kisan Vikas Patra (KVP)?
As of now, only individuals allowed to invest in KVP. Therefore, this investment is not available for HUF, NRIs or companies.
What will be tax benefits for investing in Kisan Vikas Patra (KVP)?
As of now, you will not get any tax benefit while investing. In addition, earned interest at the end of maturity will be taxable income (taxed according to one’s tax slab, exactly like Bank FDs or NSC). 10% TDS will be there at the time of maturity.
Types of Kisan Vikas Patras (KVP)
- Single holder certificate-This certificate will be issued to an adult for himself, on behalf of a minor, or to a minor.
- Joint “A” type certificate-This certificate will be issued jointly to two adults and payable to both adults jointly or to the survivor.
- Joint “B” type certificate-This certificate will be issued jointly to two adults and payable to either of the holders or to the survivor.
How to buy Kisan Vikas Patra (KVP)?
A person desiring to purchase KVP must fill the Application Form A either in person or through agents to the Post Office or to Bank. Purchaser either can make the payment in cash or locally executed Cheque, DD, or Pay Order drawn in favour of the Post Master. In case you want to invest from the savings account, which is with the same post office or bank, then you need to submit duly signed withdrawal form or cheque together with passbook.
When you will get Kisan Vikas Patra (KVP)?
If you purchased KVP by cash, then it will be issued immediately. However, in case you purchased through cheque, DD or pay order, then the issue date will be the realising date of these instruments. In case due to any other reason KVP not issued to you then the provisional receipt will be issued. However, the purchaser needs to exchange it while issuing of KVP certificate. In this case, issue date of KVP will be a provisional receipt issued date.
Is itpossible to transfer from one post office or bank to another post office or bank?
Yes, one can transfer it to any post office or other bank without any hindrance. For this, you need to submit Application Form B. This application must be signed by the holder or holders. However, in case of joint holding a single holder signature is enough in case of another holder is dead.
Can we transfer Kisan Vikas Patra (KVP) from one person to another?
You can easily transfer KVP from one person to another person by writing a consent letter to the Post Master of Bank. But do remember that no transfer shall be permitted in respect of Certificate held by or on behalf of a minor till the minor is alive. In all other cases, original holder must submit the KVP original certificate and the new certificate will be issued in the name of transferee.
In addition, one cannot pledge KVP easily unless the holder of the certificate is minor.
Whether can we nominate someone?
Single holder or joint holder of a certificate may nominate by filling Application Form C. You can nominate during the time of purchasing or at any point of time but before maturity. You can cancel or change the nomination by submitting the Application Form D. However, remember that for the first time nomination. But the subsequent nomination or cancellation shall be charged at Rs.20 per each change or cancellation.
Nomination facility not possible if the holder of certificate is held by or on behalf of the minor.
What if you not encash after maturity?
If you not encash the certificate even after the maturity period, then you will receive the post office savings interest rate which is applicable at that time on the whole amount payable to you on maturity. If you encash the certificate within one month from maturity, then no such interest will be payable.
What if you lost or destroyed certificate?
You can apply for a duplicate certificate if you lost it. But you need to submit an indemnity bond for the same along with identity slip. In case of mutilated or defaced certificate, you need to submit the original such defaced or mutilated certificate to get the original certificate.
Where to encash Kisan Vikas Patra (KVP)?
You can encash it in the same post office or bank where it is registered. In case of the different bank branch or post office then it may get delayed as the internal verification is required.
Whether one can encash it before maturity?
There is a lock in period of 2 Yrs and 6 months i.e. 30 months. After that, you can encash it before maturity. However, it may be liquidated even earlier too in case of below mentioned situations.
- Death of certificate holder or any of the holders.
- On forfeiture by a pledge being a Gazetted Government Officer.
- When ordered by a court of law.
Below is tabular representation of premature withdrawal table.
How the maturity amount is payable?
It will be directly credited to your savings account of post office or Bank. So at least while encashing the certificate at maturity one must have a savings account.
Is it the best product to invest?
- Nothing special when it comes to typical postal schemes.
- It offers the rate of interest of any typical fixed instrument.
- No tax benefit while investing or at maturity.
- Instead, if you opt for NSC or 5 Yr Tax saving FDs then your yield will be more.
- KVP will come with 2 yrs and 6 months of lock in. So you need to think about it before investing.
- No KYC or PAN means good for small investors but may be used for some unlawful activity. However, this time maturity will be credited to your postal savings account. So by doing this, Govt to certain extent protect such unlawful activities.
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Mohit Bajpai
Hello sir,
My mother invested in Kishan vikas patra from early 1990s and reinvested the amount received in the same scheme post maturity, now after 30 years we have found out that some of the reinvestments that she made around 1998 in kisan vikas patra are missing.
We approached the post office as well, but since it was during the non computer era we were told we won’t be able to find records from 1990s of my mother’s investment in KV.
So we want to understand if you are aware about how many years records for KV are maintained and how can we get a statement of her investment since the beginning that is from 1990.
Basavaraj Tonagatti
Dear Mohit,
It is hard for me to answer the Post Office internal data management system related. Better you approach the Post Office and complain.
RAvindranath
Can wife of. Non resident indian invest in minor name in kisan Vikas Patra and she is Residing in India and indian citizen
Basavaraj Tonagatti
Dear Ravidranath,
Yes.
Dr Kanj Kumar
MY FATHER HAVE PURCHASED A KVP. NOW HE WAS NO MORE. I HAVE LOST THE KVP CERTIFICATE. BUT I WAS NOMINEE IN THIS. WHAT IS THE PROCESS AND WHICH DOCUMENTS ARE NECESSARY.
Basavaraj Tonagatti
Dear Dr.Kanj,
Approach the regional Post Office for the same at first to find the details of KVP.
Kash
I purchased KVP in name of my Son when he was minor. Now he major, do I need to file tax also does the inetrest gets clubbed with my income?
Basavaraj Tonagatti
Dear Kash,
The income will be of your son.
Apurva singh
Hi sir, my mother in law has opened kvp few years ago and my father in law is nominee of that kvp. Mother in law expired few years ago and we don’t have the kvp and father in law doesn’t know the number & dont have any duplicate copy . All he know is kvp was suppose to get mature in April 2019 . Can father in law being the nominee get the full amount which had been expired last year
Basavaraj Tonagatti
Dear Apurva,
Better you first contact the regional Post Office and get the KVP details.
Nish
Hello Sir,
Good day.
I bought KVP in the name of my niece, who is a minor, at Banglore Head postoffice. We moved to Andhra Pradesh later and the certificates are matured now. When we requested to get them transferred to the local Head Post Office to encash them, they checked the details online and said the name of the guardian/Nominee is not mentioned. Could you please guide/suggest on how to proceed further.
Thank you.
Basavaraj Tonagatti
Dear Nish,
How they issued without mentioning the GUARDIAN name? It is their fault if they issued in the name of minor.
Venkat
Dear sir, KVP gifted by my uncle to my minor daughter in January 2002 matured in January 2009. I forgot totally and found it in spring cleaning recently. Now that old KVP is gone and new one is in place can I still encash it now ?
Basavaraj Tonagatti
Dear Venkat,
Yes, you can still encash it.
Sumit
Hello Sir,
My mother and my Grandfather had KVP under joint holding and now after my grandfathers death my mother got those certificates which matured 11 years back. Now the issuing post office is saying that they are not able to find the records and i need to write a letter and wait for 1 year or so. please tell me what needs to be done in this scenario ?
Thanks in advance.
Sumit
Basavaraj Tonagatti
Dear Sumit,
If you have valid documents of KVP, then let them do their search. If they are unable to find, then it is their fault and let them give in writing.
PRADIP SHAH
I have opened Ppf ac in 2005 on my daughter at that time she was 18yrs. Now she married 2011. She has also savings ac.in post office. Her surname changed after marriage. Her pranced adhar card as new name but ppf ac as old name
Ppf ac 15 years on 31-3-2020 now she can continue for five years as old name or new name.
Basavaraj Tonagatti
Dear Pradip,
Yes, she can continue it. But make sure to update all the KYC procedures.
Chitra
I purchased kvp in my son’s name at the time he was minor so as a mother my name is also in the formand he was major now..kvp is maturing this month .so can I produce my I’d and address proof and get the money
Basavaraj Tonagatti
Dear Chitra,
As he is now no more a minor, you have to produce his KYC proof also and it will be credited to his account.
Pankaj
Sir, I am the nominee in KVP and the account holder is no more. It is maturing in nxt month oct 2019. Should I get full amount as per post office offers. Or it will be different. Plz tell
Basavaraj Tonagatti
Dear Pankaj,
You will get the full amount.
Rajni
I have NSC made in dec2016 …I hv not shown interest income and claimed deduction in 80c on accrual basis. Can I show the interest accrued in the last 2 yrs together,as income now and claim deduction in 80c for reinvestment in NSC.
Basavaraj Tonagatti
Dear Rajni,
NO.
Narendra
one of my acquaintance had invested a large amount in KVP in 2007 in his name & his wife name. Wife expired in 2010 & he died few months back. Both were issue less but the man had brothers who are claimant of estate. My question is that KVP matured in 2012 and remaining as it is. How legal claimant can claim it and what amount will be given to them today i.e. whether interest for expired period too shall be given and at what rate
Basavaraj Tonagatti
Dear Narendra,
Legal heirs should approach the Post Office with valid documents. Regarding the interest rate, as per my knowledge, postmaturity, they are entitled only for savings account interest rates.
Preety
Is TDS deducted on maturity while encashing like in banks?
Basavaraj Tonagatti
Dear Preety,
Earlier there was TDS feature attached with KVP. However, now there is no TDS on KVP. But do remember that avoiding TDs does not mean avoiding tax.
Anatharaman
Sir I lost kvp . Its maturity month September 2019 only I know ..how can I calculate the date and month I kept money and I dont have any account in postoffice… can I get duplicate bond
Basavaraj Tonagatti
Dear Anantharaman,
Yes, you will get it. Approach the Post Office.
Shashank
Sir my wife purchase kvp in 2011 .before marriage her surname was different & after marriage her surname is different , and we dont have any account with old surname ,how can we encash that kvp ..
Basavaraj Tonagatti
Dear Shashank,
Let her apply for name change stating the reasons. Once it is updated, then you can withdraw.
Suman Devi
Sir,
My KVP maturity time has come. Can I reinvest it?
What documents are required for the sam?
Basavaraj Tonagatti
Dear Suman,
Yes, you can reinvest. Regarding the documents, please approach the concerned Post Office.
Bhanu
Sir, my wife has KVP before her marriage name after marriage her sirname is change in bank account so now how can i reedom kvp
Post officer giving me check of old sirname
Basavaraj Tonagatti
Dear Bhanu,
You submit an application for change in name due to marriage. Once they update the name change, let them issue the cheque.
Sivananda Raju
Hi sir, I have lost my kvp certificate. Can I transfer it to other branch? Also is it possible to apply for duplicate certificate any other branch of different state? Please help
Basavaraj Tonagatti
Dear Sivananda,
As per me, you have to first apply for duplicate KVP at home branch. Once it is issued, then apply for transfer.
Savita Gupta
My KVP has been matured 2 years before now, the particular KVP was issued from nobat pur Dist Patna post Office, & now we all shift at raipur chattishgar…………. requested please suggest or guide us how to we in cash the said amount.
Basavaraj Tonagatti
Dear Savita,
First, you request for KVP to be transferred to the current location. Once it is done, then you can withdraw. Visit the current Post Office.
alpesh
Hi,
How much time maturity duration change for KVP ? and which year ?
Can you provide me changed maturity duration yearwise ?
Basavaraj Tonagatti
Dear Alpesh,
You maturity duration will change based on the interest rate applicable to you at the time of investing.
alpesh
Can you provide KVP maturity duration for year 2017-2018 and 2018-19 ? because I have invest both of year and I dose’t know for KVP maturity duration time for both year.
Basavaraj Tonagatti
Dear Alpesh,
Interest rate on KVP changes on quarterly basis. Hence, for which quarter you to see the maturity duration? For the current quarter, as of now Govt not notified the interest rate. For last quarter period, KVP used to double in 118 months. Refer my post “Latest Post Office Small Saving Schemes Interest rates Apr-June 2018″.
alpesh
sir,
I want before April-2018 maturity time for KVP (Duration of jun-2017 to Mar-2018) can you provide me how much duration for that period for KVP
Basavaraj Tonagatti
Dear Alpesh,
Refer the link of the post which I shared. There you will find all past data.
alpesh
thanks, I got it.
Can you provide guidance for investment in Post. which scheme is more benefits for invest 5 to 10 year
Basavaraj Tonagatti
Dear Alpesh,
It is hard for me to guide you BLINDLY with mere two lines of your sharing.
Nayan saxena
Sir,
My grand mother has a kvp but she is died on 27th september 2014 and his kvp is matured on 17th april and an his kvp the name in nominee is mine but the problem is my name in nominee and my name in account is different and how can I claim this?
Basavaraj Tonagatti
Nayan-It is procedural matter, better to discuss with Post Officials.
Swati Agarwal
Sir my kvp maturity date is 17 april 2018…..n my name in certificate is different n my bank saving ac is on different name …but im having my affidavit in wich its written both r same….wat to do now
Basavaraj Tonagatti
Swati-Submit the same and first correct the name in KVP.
Pooja chaudhary
Sir here I want to know that my kvp was of april 2005 which was mature at 2014 Rs-4lakh is mature amount.on year 2018 our duplicate kvp was issued then is there any interest pay by post office..?if yes then how much it will plz guide me….
Basavaraj Tonagatti
Pooja-When it will mature?
Abhishek
My father purcased the KVP but he expired 3 year ago and there is no nominee. How can i withdraw it?
Basavaraj Tonagatti
Abhishek-You have to inform the Post Office about the death and complete the formalities.
Pooja chaudhary
Already matured on year 2014….
Basavaraj Tonagatti
Pooja-Usually if you not withdraw money post maturity, then Post Office will pay you only the interest rate of savings account from the date of maturity to till your withdrawal.
Rohan
Sir,
I bought a Kisan Vikas Patra some years ago in demat form through ICICI bank. I did not use the account much and after some years the savings bank account was stopped and closed.
I want to ask is there any way to retrieve the KVP from that account? I dont even know the number since it was purely in demat form. The amount is small but I just want to know what are the possible steps.
Thank you.
Basavaraj Tonagatti
Rohan-Check with the concerned branch of ICICI Bank.
Jaggu
Dear sir – my wife opened KVP as resident Indian many years ago that is maturing in coming year but she is now an NRI. Is she eligible to encash and if so what documents should be asked to provide ? Thanks in advance !
Basavaraj Tonagatti
Jaggu-Yes, she is eligible to encash. Regarding process, please be in touch with concerned Post Office.
Kaustubh Mukherjee
Sir,
My wife had purchased KVP jointly with her first husband and later she got divorced. The certificate is in her married name and it is due for maturity in next 3 months. Can she withdraw the money by submitting divorce certificate. All her ID proofs are in her maiden name.
Basavaraj Tonagatti
Kaustubh-As the KVP is jointly held, she can’t withdraw it alone.
Kaustubh Mukherjee
The money invested belongs to her and the certificate says either or survivor.
Basavaraj Tonagatti
Kaustubh-Who is the first account holder?
Kaustubh Mukherjee
My wife Aparna Bose
Basavaraj Tonagatti
Kaustubh-In that case she can withdraw.
Subrata Das
Sir
I have purchase kissan vikas patra in joint name, first owner is me (Subrata Kr. Das) and second owner my father (Mantu kr. Das) and he is expired in 2011. Then any person claim for this certificate on the behalf of my father?
Basavaraj Tonagatti
Subrata-As the first holder is alive, other persons related to second holder can’t claim it.
subrata das
if any person forcefully claim it by using laywer then how will do next step? please tell me.
Basavaraj Tonagatti
Subrata-Lawyer is above the LAW??
Aishwarya
Hi sir
I have purchased a kvp in January 2017 but I need that money urgently. But it is still in lock in period. Is there any way to encash it ?
Basavaraj Tonagatti
Aishwarya-You can withdraw it only after 2 years completion. Refer above post properly.
Ritu
Hi Sir,
A relative of mine lost their original KVP. When we asked the post office people to solve the issue, they asked their superiors and told that, they can’t give a duplicate copy as this process is online now. Is there any solution to get the money? They don’t even had the xerox copy.
Basavaraj Tonagatti
Ritu-They are horrible when it comes to service. Please interact with them and if they are so rigid, then let them give in writing.
Supriyo Dan
Sir, my mother’s kvp matured on 16th September 2017, on 25th October 2017 my mother submitted her matured kvp and her postal savings account no. On concern forms on concern post office.
Till now they didn’t deposit matured amount on her savings account.
Whenever asking for delay, they told wait for some days, there is link failure.
Whatll we do now?
It’s nearly 3months over.
Basavaraj Tonagatti
Surpiyo-No need to wait further. You just sit in front of them as long as they transfer money else let them give in writing the reasons for delay and along with that the interest from Sept 2017 to till date.
Amol
Recently I heard that the Post Office will not provide cash / cheque of maturity amount to the KVP certificate holder. Compulsorily a savings account has to be opened in the PO that issued the KVP ? Can you please help here ? Is this true ?
Basavaraj Tonagatti
Amol-Not sure and hence let them show such notification.
Alka goyal
Sir my name was changed from Alka Goyal to Manisha Jain by pandit at the time of marriage due to gan nakshtra problem.i invest money in kisan. Vikas Patra 8.5 years ago.my Id like ration card voter ID adhar we’re issued by Manisha Jain name.but five six years later I changed my name back to Alka Goyal and old id was renewed by name of Alka goyal.now how can I encash vikas Patra. My husband is nominee
Basavaraj Tonagatti
Alka-Yes, you can withdraw now also. You have to produce the valid document and also reasons for change of name and then can withdraw it easily.
Jaswinder
Hi !
is PAN is mandatory now to encash Mstured kvo in post office account ? And will post office deduct TDS ?
Can i encash kvp with Form 60 & Adhar ?
Thanks
Basavaraj Tonagatti
Jaswinder-Yes PAN is mandatory. If not, then can submit Form 60.
Ajay Jain
Dear Sir,
My father had purchased some KVP’s in his name & nominated my sister’s daughter. He expired in November’ 2015. Now, as required when contacted the issuing Post Office to link the Aadhar Card with the KVP’s, it was informed that since my father has expired, the claim for the KVP’s by his nominee should have been submitted immediately after his death as the interest on the KVP’s purchased by him will not be paid from the date of his death.
Kindly guide whether the claim should be made immediately and loose the interest of two years (since the date of his death) OR the nominee will get the full maturity amount (along with interest) on the date of maturity of KVP’s purchased by my father.
Regards,
AJAY JAIN
9968076810
Basavaraj Tonagatti
Ajay-I think Post Office will give you the interest rate up to your father’s death. Check with Post Officials.
pooja choudhary
Sir our documents submitted 1months ago till now not any reply got from post office they r only telling it will take time can u plz tell me what process r done if we apply for duplicate kvp….?
Basavaraj Tonagatti
Pooja-It will NOT take time. You sit and let them give in writing. They are the LAZIEST.
pooja choudhary
Sir is there any other way to know status of kvp …..?
Basavaraj Tonagatti
Pooja-Sadly NO.
pooja choudhary
ok no issue thanks sir
Pooja chaudhary
Sir our duplicate kvp done & from h.o given that on a passbook form & post office employee told that to open saving account that also done now I want to know how much days it will take to convert amount in saving account from that passbook…..
Basavaraj Tonagatti
Pooja-Hardly 1-2 days.
pooPoojaPooja chaudhary
OK thank u so much sir.
from ur
Advice finally my duplicatekvp
was issuedthank u
so much
again…..
Basavaraj Tonagatti
Pooja-Great to know this.
sumit agarwal
hi basavaraj
I want to know the latest rate of agent commission on nsc and kvp .
Basavaraj Tonagatti
Sumit-I am not aware of this. Better you contact the Post Officials.
pooja chaudhary
post office member are saying that our form was dispatch to dio office can u plz explain me what was the process & how much time they take for all process…?
Basavaraj Tonagatti
Pooja-Not sure about time limit. But better to track through them only.
pooja chaudhary
sir we applied for duplicate kvp issue one week ago all documents given according to post office recruitment & they r forwarded also now i want to know how much time does it take to issue duplicate kvp…….
Basavaraj Tonagatti
Pooja-Hard to say, but may within next one week.
Wasim Elahi
Sir, i have 4 KVP of Rs 10000 each which will mature on 2019. Its a joint B category certificate 1. Ist holder is my fathers sister and I am the second holder.. Can i encash the amount in my saving account without the physical presence of my bua? The bank is asking for e-kyc is it mandotory? Can i encash it by my self
Basavaraj Tonagatti
Wasim-Your father’s sister presence is required along with KYC updates.
prabhat pandey
R/Sir
i have purchased kvp in name of my grandson ,now post master is saying that certificate is issued wrongly .grandfather can not take kvp in mame of his grand son.Post office is giving maturity amount @4%.please suggest for above issue.
Basavaraj Tonagatti
Prabhat-Then how the issued it at FIRST?
Akash Gupta
Hi,
I only have my KVP certificates with me but not the identity slips. Will there be any issue because of this at the time of maturity ?
Fyi, I purchased my KVP in 2016.
Basavaraj Tonagatti
Akash-Contact Post Office because it is a procedural matter.
Dadhaniya meet.
I am having KVP. It is made from jamjodh pur . But presently we are in Rajkot. KVP is matured now I have to take it. Can I take from Rajkot head post office? For that what things are required it was two person joint account one of them is died . Make a list of documents which requires to have a process .
Basavaraj Tonagatti
Dadhaniya-Check whether the branches of where you bought and the branch where you want to redeem are connected through CBS or not.
Dadhaniya meet.
I have asked at post office. CBS is working.
But very big problem is there.
KVP is made such that first name is of my mother and other is my sister.
Now post officer Sayed that this money will not get to you.
My sister is married and due to problems she come back to home. And where she married they not accept my sister so she left the earth (die).
In this situation post officer Sayed that this money is going to the people where she married.we have done police case against them.we are not having good relationship with them.now what to do give me a list of documents which requires to get money back.
Give me full information I not having time.what to do.
Post officer Sayed to have 100? stamp paper, two 20? stamp paper.
What to do I am in big problem.
Basavaraj Tonagatti
Dadhaniya-Whether the investment is in joint with your mother?
Pooja
Sir my mother purchased kvp on 2005 of amount 350000/- till now we had not withdrawal that amount bcoz our kvp was lost so plz tell me how much amount we get till now & what is the correct process of issue a duplicate certificate…
Basavaraj Tonagatti
Pooja-First check whether someone withdrawn it or not. Because it is like bearer cheque.
pooja chaudhary
no sir we confirmed from post office still amount was showing & plz conform me how much time did duplicate kvp takes to issue
Basavaraj Tonagatti
Pooja-Hardly few days. You need to have show some anger.
pooja chaudhary
ok thank u so much sir
MALINI K C
Hi, my mother purchased KVP in2010.worth 75000.can we withdraw the same in 2016
Basavaraj Tonagatti
Malini-Whether it is matured? If not then wait till maturity. However, if you have urgency then you can opt for premature closure.
Anjani Agarwalla
Hi,
My Grand mother has a KVP which is not yet matured, though the locking time 2 years 6 months is passed. So she can withdraw the KVP. Right now she is not well and she cant do the authentication signature. So what is the procedure to withdraw the KVP. She has a savving account at Post Office. Please help
Thanks,
Anjani
Basavaraj Tonagatti
Anjani-Whether she can move?
Anjani
Though she is unwell, she can walk little bit. So i can take her to the post office if required.
Basavaraj Tonagatti
Anjani-Better first you visit post office, enquire them then finally take her for few minutes of just signing.
Anjani Agarwalla
She can’t do signature that is a problem. Sub post master said that a medical certificate particularly issued from a government hospital needs to be submitted. But my grand mother is getting treatment from a private hospital.
She has more than 40 KVPs. I have enquired all this quires from the post office, they are saying they wont accept all KVP at once. The are asking to bring her everyday and submit 2 KVPs,So i have to take her 20 times to the post office. Due to her health issue that is quite impossible. Post offie official working time ends at 4 p.m but in my locality they closes the counter by 2 p.m. When i asked the reason behind it they said, we have lots of work and if you have aproblem , you can complain am many times as you want. They don’t care.Their behavior is very unprofessional.
When you ask any query to them the sub post master(head of the post office in my locality) is saying she doesn’t know all the rules , she will confirm the rules form head office and let you know later. Do we have any portal to raise a complain against all this? And does complaining against all this will be effective ?
Basavaraj Tonagatti
Anjani-I can accept their claim of submitting the medical certificate from Govt doctor. You can consult a doctor and get it done. BUT I am strictly against 1942 old style of saying that she has to come daily to submit 2 KVPs only. You tell them strongly that to show the rule book or give it in writing that of whatever they are claiming.
If they have work, it is their problem but not your’s. Never bend and let them bend. There are here to serve you and for the same they are getting salary. I know their behavior and tone of talking. Hence, asking you to let them show rulebook or give them in writing then only YOU MOVE from that place.
They know the rules or not it is their issue. You go with medical certificate, sit infront of post office. Never move until all 40 KVPs processed. They really really need some heat treatment.
Anjani Agarwal
Thanks Basavaraj for the reply. I had a big fight with them regarding this matter. They are not accepting more then 2 KVP’s and and returning me the rest of them. Even i gave them a application to query the existing nominee details of 8 NSC’s 1 week ago. That information also they didn’t give me yet. Sub post master is saying check with the person who will search the old file and the person who does that is saying it will take a month at least. I am really very frustrated with their behavior and way of work.If, you know any portal or address where we can complain against this kind of service,kindly let me know.
Really appreciate your help.
Basavaraj Tonagatti
Anjani-I know their 1942 kind of behavior. Refer this India Post Complaint Information. You can lodge the complaint online using this India Post Online Complaint portal. Also, refer my recent post on the same “India Post Help Centre and a Toll-Free Number 1924 features“.
Anjani Agarwalla
Thanks a lot Basavaraj !! I will definitely raise complains regarding this. Thanks for quick reply. 🙂
Basavaraj Tonagatti
Anjani-Pleasure and best of luck 🙂
Navneet
Hi,
In how many year KVP amount claimed after maturity.
Maximum years ? 8,10,12
Please clarify this.
Basavaraj Tonagatti
Navneet-It is immediately after the completion of period.
Navneet
Sir,
If I have claimed KVP amount after the maturity , and after 10 years. (5 yrs kvp scheme+ 10 year late claimed)
So the amount has received or not.
Please suggest what can I do for claimed the Kvp amount.
Basavaraj Tonagatti
Navneet-Yes, you will receive the amount. But post maturity, they pay you the interest rate of savings account but not of the KVP.
matha rao
KVP is matured on 2015. I would like to encash it, but its issued to me and my wife. Can I redeem it by getting authorization letter from my wife? or is there any procedure I need to follow to redeem without her presence to Post Office.
Basavaraj Tonagatti
Matha-If it is joint account, then both of you required.
matha rao
Thanks for info. But she lives in US now. I will be visiting alone to India. Can I take authorization letter from her to release KVP maturity to both of our names, since Post office is issuing Cheque to us so that I can deposit Post office cheque in the Bank.
Basavaraj Tonagatti
Matha-Yes as it is like bearers cheque. But for complete process, check with the concerned post office. Because I scare to say anything about Post Office procedures 🙂 They are totally still living in 1942 and act like British rulers on customers.
shankar Rao
Thanks for ur quick suggestions. You are right even though we got independence from them still we follow British rules for our convenience 🙂
Madhu Gautam
Sir,Seeking your help.My father purchased 5 KVP and Indra Vikas Patra in 1989.But he died in the same year.I was a toddler at that time.I am only having registration numbers and date of maturity with amount which is written in his diary.How can get to know the details ? whether the KVP is exist or not?
Basavaraj Tonagatti
Madhu-Contact the concerned post office at first.
sandeep ghosh
sir is there any way i can surrender my kvp i bought 5 months before and i’m in serious need of money as banks are not giving loans against it.
Basavaraj Tonagatti
Sandeep-Now you can’t withdraw it. But after 30 months, you can withdraw it.
Reena
Hi, 6 months back I have purchased KVP in my maiden name from Post Office. Now I want to change my name after marriage in KVP.Is it possible and kindly tell the procedure also. One more thing after maturity whether they will deposit amount in my Post Office savings account or will they issue cheque in my favor.
Basavaraj Tonagatti
Reena-Yes, you can change the name by providing the application for the same and some proof of marriage or any other documents which is showing as your name changed. KVP is like bearers cheque, they give you the cash.
Reena
Thank you
Sandeep Chandel
My kvp is mature it’s a joint certificate is it nessesary both have to be present or one person can collect and other one will sign the certificate.
Basavaraj Tonagatti
Sandeep-Both must present.
SB
I think presence of both is needed if it is Joint A. For joint B (either or survivor), presence of one should suffice. @ Basu – please confirm if this is correct.
Basavaraj Tonagatti
SB-YES, you are right.
SB
Thanks for your comment. In case of joint holding with Joint B type (either or survivor), can one holder give objection against another holder for encashment at maturity (if there is a dispute)? I understand that the joint holder who has possession of the certificate can encash at the time of maturity in case of Joint B (since KVP is more like a promissory note). Is this correct?
Basavaraj Tonagatti
SB-YES, but in case of either or survivor option, as per me, first holder’s rights will prevail than the other survivor.
Gowri
Hello, Good Morning. I am an US Citizen. (Overseas Citizen of India- status) Can my Parents in India, purchase KVP and transfer it to my name.
Thanks,
Gowri
Basavaraj Tonagatti
Gowri-I am not sure transfer is allowed or not. However, if it is allowed too, then it must to an individual who is eligible to buy KVP. Hence, such option is impossible.
Gowri
Basavaraj, Thank you.
Gauri seth
My father buy KVP in 1998 and it should be matured by 2004 but in year 2004 my father died .we do not know if he withdrawn the amount or not . I am just having a photocopy of the KVP . how to confirm is it is collected or not and if not then where to go and collect it as I am in Delhi .please help me .
Basavaraj Tonagatti
Gauri-Visit the post office where it is issued and enquire.
noopur Saxena
Hi,
My maternal grandmother had a KVP issued in her name on 22/Jan /2005 from the Post office of Mathura(UP). My name was written on the top of the KVP. At the time of issuing the KVP, I was a minor. later my maternal grandmother expired and It was only last year that we got the KVP and found that it got matured after 8.5 years.
We are residing in Madhya Pradesh now . We have approached the the post office at mathura, along with the original KVP, the death certificate and the document proof of my age. But the staff at the post office says that in the meantime the records were computerised and so the record is not available with them now and that they are looking for it . It has been months now and they say the same thing. The main superintendent in the post office doesnt say anything as to how long is it going to take.
Please tell me what can i do in this issue.? how do i get this done. ?
What remedies do i have in this case.?
Basavaraj Tonagatti
Noopur-Submit your all documents in written for amount withdrawal. Let them reply whatever it is be in written. They are just laziest guys on this earth.
vipin chandel
My brothr purchased rs 150000 kvp 8 yrs bk n now they hv renwed it with full intrst 300000 n prinipal amount …so is it taxable any where how we will show in ITR as he is working n gtng rs 15000 as monthly salary too
Basavaraj Tonagatti
Vipin-Yes, it is taxable income under the head of “Income from Other Sources”.
vipin
Thanxxx alot
Rahul
Hi Basavaraj
My father purchased KVP when I was a minor. I’m a major now and they are due for maturity in 4 months but I won’t be living in India for the next 2 yrs. What is the procedure to authorize my father to encash on my behalf as soon as they mature?
Basavaraj Tonagatti
Rahul-You can’t authorize him. However, KVP is a bearers instrument. But first try to change it to your name as you turned major.
Moda Nand Thakur
I have purchased KVP from jhanjharpur R S Post office in Madhubani district(BIHAR) on23.11.2007 Now it gets matured on 23.06 2016 after 8 yrs 7 months and I want to encash the certificate from another post office/Bank in Delhi. These Certificates were issued in Physical form by the post office at the time of purchase. Travelling toDELHI TO JHANJHARPUR is not possible for me due to ill-health. Please suggest me how could I encash my KVP?
Basavaraj Tonagatti
Moda-First you request for the transfer of documents to the post office where you want to withdraw at maturity. Once, transfer is over then you can withdraw from that new post office. However, if the concerned post office and the new post office are under CBS network, then you can encash from new post office. However, I suggest you to enquire the procedure with postal officials.
Moda Nand Thakur
Keeping in view of Digital India, one can withdraw from that new post office/Bank , I want the procedure.If ,there is no such way then please suggest me how could I encash my KVP?
Basavaraj Tonagatti
Moda-Digital India as of now fully not applied to Post Office.
Sunil Prajapati
I invest sum of Rs in KVP & it not more then 6 month so if i can want to break my KVP so how much charges deducted by the Post office
Basavaraj Tonagatti
Sunil-You can withdraw it only after the completion of 30 months.
Ravindra krishna
My father purchased KVP of Rs. 2,10,000/-. After his death we withdrew the KVP . My question is that the interest on this amount is either taxable or not. As it is invested by my father and credited into my account prematurely because of his death. As someone was saying that in case of death interest is not taxable. so please guide us under which rule it is not taxable . If no how can i pay tax on it.
Basavaraj Tonagatti
Ravindra-It is taxable in your father’s head.
SUMEET KUMAR BEHERA
sir my father brought kvp of 10,000 in my name but unfortunately i lost my certificate.I haven’t got any identity slip at that time,then how can i got a duplicate one ?
Basavaraj Tonagatti
Sumeet-Try your luck with post office.
pooja
SIR ,
My father bought the kvp of 3,50,000/- in my & my mother name but we lost that certificate i want to know to withdraw that amount that is compulsory that authorized person required
Basavaraj Tonagatti
Pooja-The investment is in you and your mother’s name (I hope jointly). So, both must be there to withdraw.
S P Khaitan
I have few kvp in joint name but first holder is dead what I have to do
Basavaraj Tonagatti
Khaitan-Then you have to inform post office about the death of first holder with death certificate. They will change the name.
Divya Vohra
Sir, I will have around 15,00,000/- Rs available to be invested .. I am interested in Post office schemes .. Will you recommend NSCs or KVPs..
Basavaraj Tonagatti
Divya-What is your expectation from this investment?
ANUJ
Sir, tell me how to fill death claim to kvp if it has nomianated to person who is alive.
Basavaraj Tonagatti
Anuj-You have to go to the post office with death certificate of holder and nominee KYC papers.
Mimi
We talk a lot about investments and securing our family’s future by buying insurance policies, term insurances etc.etc. But in case of untimely death of both husband and wife, how is a minor child’s financial future secured when a child has no clue of the investments made by the parents and things remain unclaimed. Who takes responsibility ? Pls throw some light as to how a child’s future is to be made financially secure?
Basavaraj Tonagatti
Mimi-In case of untimely death of both parents, then it is legal guardian of kid who will come into picture. It is sad state of kid. But we can’t predict future.
Esha
Hello Sir,
We have a KVP it’s matured and a cheque has been issued . The KVP certificate was issued in a wrong name which we didn’t notice therefore the cheque issued by the PO is also in the wrong name . Now, the PO is not willing to re=issue the cheque . What can be done about it?
Basavaraj Tonagatti
Esha-They are like that ONLY. Better you write them letter to re-issue with correct by providing proper KYC proofs. Let them answer to it than oral answer.
Sreedevi
Thx 4 spreading awareness n helping people.
We have lost the kvp bonds of our nieces. They have bcome majors now.
I haveseen from other replies abt the procedure to get duplicate ones. But my question is ….. is it true that all unclaimed matured bonds are sent to the main post office of the area every year? Is it possible for us to get the info of the lost bonds from them?
Basavaraj Tonagatti
Sreedevi-I am not sure of their procedure. But you can get the lost bond information.
pankj shrma
sir es kishan vikas partak me tax bhi lagata hai kiya minim kitna per tax lagta hai
Basavaraj Tonagatti
Pankaj-Yes, it is taxable income at maturity as per your tax slab.
Bala
Hello Sir
My Name is Bala I live in Chennai . I request Fathour guidance on the below matter.
My Father in law deposited 5 K inKVP in a Post office in Andhra Pradesh Nellore district place name is Rapur.
The KVP original is lost in transit. We have the number and also the post master has given the number of the certificate in a paper with his seal. Now its matured.
He says we need to file FIR to get duplicate . Is it so, or enough if we get indemnity bond with with his Id proof . He is alive .
My mobile number is 9176269382 . Please provide yours if I need to call you or please reply to this.
Thanks and Regards.
Basavaraj Tonagatti
Bala-They are wrong. FIR is not at all required. Indemnity bond is suffice to claim the duplicate KVP. Read this Ministry of Finance notification.
ajit vishwakarma
sir would u tell me that i want ask that is post office is super and safest place for me that i want to make every month rd and kvp ..so please guide me that is it so safe for my investment
Basavaraj Tonagatti
Ajit-Yes, you may say so.
Dhaval Soni
My Mother invested Rs. 100000 on the name of my little sister in march 2008 0r 2009 but now we lost that document and we dont even know kisan vikas patra number or date, nothing. so what we can do now please suggest me.
Basavaraj Tonagatti
Dhaval-Please contact post office. It is hard if you don’t know the details of KVP. However, you can try your luck.
Dhaval
I had already did that.. They have that document but they are not ready to find out.. So what should i say to them so they can find that document.. They can contact us when time period for KVP will be completed??? Or ever i’ll be able to get that money or that is losted??we got KVP from the Agent and he is also refusing from helping us. M super confused and dont know what to do please give me suggestion..!!
Basavaraj Tonagatti
Dhaval-It is hard then, because KVP is like your blank cheque. Whoever found it may encash it. Try to request with the post office.
Ganesh Chikhalikar
Sir,
The article is very informative. Thank you. I have a query. My father had invested in KVP in 2007 in the joint name with my mother as ‘either or survivor’. He sadly passed away before the maturity of such KVP and now my mother has received the whole amount. Now, I want to know whether the whole amount of interest needs to be declared in my mother’s IT return or how? the interest has not been declared before. My father passed away in Mar 2015. KVP matured in July 2015.
Please provide your valuable guidance Sir.
Thank you.
Basavaraj Tonagatti
Ganesh-Yes, it is your mother’s income but not father’s.
Arnab
Good Afternoon Basavaraj,
I have a KVP as Joint B with my sister. Its is 4 years past now. Is it possible for my sister to prematurely withdraw the KVP, as I am overseas. Else suggest a way.
Regards
Arnab
Basavaraj Tonagatti
Arnab-Yes, you can withdraw it. But as the holding joint, both you must sign.
adarsh sharma
Sir have found kvp at my home which is issed by name of my grand ma she is no more how should i know that maturity amount is recevied by my grand ma or not
Basavaraj Tonagatti
Adarsh-Check the same with concerned post office.
Kaustubh Sindkar
if i invested 1000 rs after maturity it will be credited to post saving account as 2000. will thay cut tax from there end
? if my annual income is 0.00 rs.
Rahul
I have purchased 5 KVP of Rs. 10000/- each from Kolkata Post office. Now it gets matured and I want to encash the certificate from another post office in Delhi. I check to my nearby post office. They ask for identity slip. But no such identity slip was generated by the kolkata post office at the time of purchase. Travelling to Kolkata is not possible for me. Please suggest me how could I encash my KVP?
Another question ,
I have purchased KVP from post office. Can I transfer it to State Bank branches?
Basavaraj Tonagatti
Rahul-Even you don’t have KVP certificates?
Rahul
I have kvp certificates which gets matured. Lastonth i purchased another certificate. Please tell me about the identity slip problem.
syed imtiaz
my kisan vikas patra is going to mature by next month.. how much net I will get and I am having 10000*5 denominations.. for an investment of rs 50000, how much net amount I wil get after deducting all sort of formalities, pls kindly instruct me..
Basavaraj Tonagatti
Syed-The maturity amount is already available on your certificate. Without knowing the interest rate and date of investment, how can I say so?
syed imtiaz
I have invested 50000.. on maturity I am expecting to get 100000 next month.. how much net I wil get sir after deducting TDS etc..
Basavaraj Tonagatti
Syed-Please check your certificate. It is mentioned on it.
Mrs. Deepali Yogesh Shewale
Our KVP Certificate is misplaced and our maturity date was in July, 2015, but the local post office is asking for Government Employee salary details and the senior officer’s signature, but no one is ready to disclose such kind of information, can suggest a solution for this.
Basavaraj Tonagatti
Deepali-Why they need Govt. mployee income details ONLY?
rampravesh shah
After maturity of Kisan Vikas Patra post office has issued check but the check is some where misplaced.How I can get the rreplacement check and what is the procedure.
Basavaraj Tonagatti
Rampravesh-Request them with proper procedure to issue the duplicate cheque. I think they ask for affidavit from you. Contact the local post office.
vipin
i have a kvp in the name of maidservant in the year 2000 ,but the maidservant has left the house long time back.can i encash it now
Basavaraj Tonagatti
Vipin-Try your luck 🙂
Kuzhali
Does the senior citizens also need to provide PAN details at the time of getting KVP or while en cashing it?
Basavaraj Tonagatti
Kuzhali-Yes.
sudesh kumari
hii sir, i have “joint b” kvp with my husband and the maturity period is completed. but my husband gave the application to stop the payment without his presence. but i want to encash the payment. so please tell me the right procedure for withdrawal the monty. thanks
Basavaraj Tonagatti
Sudesh-Both must present to withdraw (especially when your husband given such instruction).
Nisha Bajaj
hi sir,
can i purchase kvp from any branch of post office.
Basavaraj Tonagatti
Nisha-Yes.
Choduram
How can I double my money with KVP in 3 years . pls advise
Basavaraj Tonagatti
Chouduram-You can’t double it in 3 years.
LAXMI M PARAVATAGOUDAR
Dear sir
I lost my kvp documents amount of 93000 Rs and maturity date is 26 .1.2015.
I Have done the all formalities in february month as requested by post office manager
Here i want to when i get the dublicate kvp?
After maturity i am eligable for the interest or not ?
Regards laxmi
Basavaraj Tonagatti
Laxmi-I am not sure how much time they take to issue. But yes you are eligible interest.
Debashish
Sir,
My father has lost 5 KVP certificates while travelling. He does not even remember the KVP number. Please guide, how duplicate KVP certificate can be obtained. Thanks.
Basavaraj Tonagatti
Debashish-Please contact the issuing post office.
Raghvendra
Dear Sir,
My Mother having KVP purchased in 2007 from Mangalore. Now she is staying in kerala Now she is sick and not possible to travel to Mangalore to encash KVP. Is it possible to encash the KVP from any post offices in Kerala. Since we have sold the house in Mangalore the address is also changed. What is the formalities to encash the KVP . Is it necessary that the address should be same, at the time encashing the KVP.
Kindly reply
Raghvendra
Basavaraj Tonagatti
Raghavendra-She can encash it at nearby Post Office.
Greta
I have 2 KVP’s that are maturing this month. Can I renew them? If yes, what are the documents that I should provide for renewal.
Basavaraj Tonagatti
Geeta-Renewing is nothing but investing newly. Contact the post officials, they guide you.
omvir singh
i had purchased kvp from jamnagar and at present iam in chennai . my kvp will be matured in aug. can i encash at chennai in which branch
Basavaraj Tonagatti
Omvir-You can encash it from the nearest post office. You visit and enquiry about the same. They provide you the details.
VaishnaviPrakash
hi Basa, If i am planning to invest 200000 in Kisan then if i need to break before maturity period,is it possible and how much will be paid as interest if we break before maturity period of 8yrs and 4 months
Basavaraj Tonagatti
Vaishnavi Prakash-Please read the conditions I mentioned in above post regarding “encash it before maturity”.
T.Aswini
Sir ,
What is the tax treatment,
when KVP amount matured if tds would not deducted from intrest
Please let me Know sir
Basavaraj Tonagatti
Ashwini-There is no TDS, but taxable income.
pawan
if i make kisan vikas patra for rs fifty thousand then what cash return by post office person to give me as a cash return
Basavaraj Tonagatti
Pawan-Your money will get doubled after 8 Yrs and 4 months.
Millessa Rodrigues
i have 3 KVPs which are held under the name of my grandma and her sister (jointly owned by both of them). Her sister is dead now. The KVP was issued at the Mumbai branch of post office some 15 years back. Can my grandmother encash the same here in Goa?
What formalities will have to be done?
Please let me know.
Thank you.
Basavaraj Tonagatti
Milessa-You can do so, but it may take time. You visit nearest post office with KVP certificate and death certificate of your grandma’s sister.
d.k
I lost my kvp certificate, and even I don’t know the date of issue how can I get my money back, please help me out.
Thank you.
Basavaraj Tonagatti
D.K-Contact the post office and provide your documents like PAN Card or other details. I hope they fetch the information. Then request for duplicate certificate.
D.k
Sir, they are saying without date how can we find, it is not possible to find 10 years old record.
What else I have options to do.
Waiting for your reply.
Thank you sir.
Basavaraj Tonagatti
D.K-Visit post office when there is no rush. Share the tentative year of investment. I hope they help you.
Sai Surya
can i purchase two KVP certificates of Rs 1000/- each on my name?
Basavaraj Tonagatti
Sai-Yes, you can buy it.
Birendranath Singh
The details provided here was very helpful. Please send me a table citing the amount I will get back on premature encashment the old 8 years 7 months KVP>
Basavaraj Tonagatti
Birendranath-Why you need old KVP details?
iswar chandra chatterjee
What is the process to premature kvp after 5years. In jont name group B where ist name is my mother who is seriously ill neither write or speak 2nd name is mine.should it premature only by my signature?? Doctors certificate regarding my mother’s health condition is provided to the post master. Still they asking for both signature for premature. Please reply.
Basavaraj Tonagatti
Iswar-It is complicated case. I think if your mother is not able to write or speak and you produce the doctor certificate then it will be possible. But still insist you to contact post officials.
raj
Suppose I buy five KVP certificates, each rs 10000. After 100 months I encash..So I should get 100000. Now how 10% TDS will deduced? What should I show them apart from KVP certificates? Will they ask my PAN card, Bank passbook, income tax return, etc? Or just they reduced 10% and I get rs 90000 (i.e. 10*100000/100=10000; so 100000-10000=90000). Or 10*50000/100=5000; so I get 100000-5000=rs 95000. Which is correct..?
thanks
Basavaraj Tonagatti
Raj-It is not yet clear about TDS. Let us wait. If TDS is there, then they ask for PAN.
Abhijit
Basu,
I checked with Post Office HO. They mentioned no TDS at maturity. PAN will be needed as part of KYC irrespective of amount.
Can anyone more confirm this?
Reason being, everytime you call different Post Office the information changes 😉
Thanks
Basavaraj Tonagatti
Abhijit-There is no TDS and as they said, PAN is required for KYC.
Jalakrut
Would not this scheme yield somewhat higher returns than 8.5% FDs for people falling in 30% tax slab? Because it looks like tax on interest needs to be paid only on maturity for this scheme unlike yearly taxation on interest from FDs?
Basavaraj Tonagatti
Jalakrut-True and your understanding is correct.
Debabratan Bandyopadhayay
Please details of Agent fules And regulation of Kisan Vikas Patra 2014
Basavaraj Tonagatti
Debabratan-I am unable to understand your doubt or comment. Please elaborate more.
Debashis
Clear explanation regarding about KVP 2014. I serached many site to get info but here i got the details.
Basavaraj Tonagatti
Debashis-Pleasure 🙂