What happens to KVP after maturity?

In this case, upon maturity, the amount will be paid to both the holders jointly or to the survivor. In this account as well, you can nominate members who will receive the funds upon your death. The scheme also allows the transfer of certificate from joint holders to another person.

How can I withdraw money from Kisan Vikas Patra?

Kisan Vikas Patra Withdrawals The period for premature withdrawal of KVP is after 2 years and 6 months from the date of issuance, which is also the lock-in period. To avail KVP pre-mature withdrawal, the holder must give in writing to the Post Office following which the amount will be given.

Is KVP maturity amount taxable?

Taxation. It doesn’t come under the 80C deductions, and the returns are completely taxable. However, Tax Deducted at Source (TDS) is exempt from withdrawals after the maturity period.

Can I open KVP in bank?

As per current rules, KVP certificates can be purchased from select public sector banks as well as from India Post Offices.

How can I transfer my Kisan Vikas Patra to another Post Office?

A KVP certificate can be transferred from the Post Office where it was bought to any other Post Office from the owner(s) by making it program through a form set down by the Post’s Director General at either of the Post Offices. This program will be finalized by both the owners in case of a combined type certification.

Can I withdraw KVP from any post office?

While individuals can withdraw their KVP certificate at any time according to their convenience, Kisan Vikas Patra premature withdrawals are subject to additional penalties based on the time period after which it is withdrawn from the date of issue. You can purchase a KVP certificate from any Departmental Post Office.

How can I encash Kisan Vikas Patra after maturity?

A Kisan Vikas Patra holder can choose to encash his/her certificate at any point of time starting from the date of issue. For the Kisan Vikas Patra Encashment, you will have to visit the post office that had issued the certificate.

Which bank sells KVP?

Kisan Vikas Patra | Union Bank of India.

Can I withdraw my KVP certificate at any time?

While individuals can withdraw their KVP certificate at any time according to their convenience, Kisan Vikas Patra premature withdrawals are subject to additional penalties based on the time period after which it is withdrawn from the date of issue. Kisan Vikas Patra or KVP was first introduced in the year 1988 by India Post.

Is KVP transferable from one person to another?

KVP is transferable: Kisan Vikas Patra is transferable from one person to the other. To pass on the benefits to the new holder, the owner must fulfil all required formalities. Before transferring it to a new holder, it is important to receive approval from the post office.

How to get Kisan Vikas Patra (KVP) certificate?

Go to postoffice from where you have purchased Kisan Vikas Patra (KVP) certificate. Hand over these documents, and took cheque of your full maturity amount from post master. In case you have lost your Kisan Vikas Patra (KVP) certificate, you first need to get duplicate Kisan Vikas Patra (KVP) certificate.

How do I make a KVP payment?

Payment can be made through Cash, Cheque or even Demand Draft. In case of cheque or demand draft the KVP certificate will be issued on the date of realization of the amount, but for cash payment it will be issued on immediate basis.