Eligibility
Any resident Indian can invest in a KVP scheme. (NRI, HUF, Trust, Company & Charitable Organizations are not allowed to invest in the scheme)
The Certificates shall be of the following types, namely
- Single holder type Certificates may be issued to – (a) an adult for himself or on behalf of a minor or to a minor;
- Joint ‘A’ type Certificates may be issued jointly to two adults payable to both holders jointly or to the survivor.
- Joint ‘B’ type Certificates may be issued jointly to two adults payable to either of the holders or to the survivor.
Denomination of Certificates
The Kisan Vikas Patra shall be opened with a Minimum of Rs. 1000/- and in multiples of Rs. 1000/- with no Maximum Limit
Maturity
- The maturity period of a Certificate of any denomination shall be Nine years and ten months commencing from the date of issue of the Certificate.
- The amount inclusive of interest, payable on encashment of a Certificate at any time after the expiry of its maturity period shall be Rs. 2000 for denomination of Rs.1000 and at proportionate rate for any other denomination.
Nomination
The single holder or joint holders of a Certificate may on filling necessary particulars in Nomination Form C No nomination shall be made in respect of a Certificate applied for and held by or on behalf of a minor. at the time of purchasing the Certificate, nominate any person who, in the event of death of the single holder or both the joint holders, as the case may be, shall become entitled to the Certificate and to the payment of the amount due thereon and if such nomination is not made at the time of purchasing the Certificate, it may be made by the single holder, the joint holders or the surviving joint holder, as the case may be, at any time after the purchase of the Certificate but before its maturity, by means of an application in Form C to the Bank Officer of the office at which the Certificate stands registered.
No nomination shall be made in respect of a Certificate applied for and held by or on behalf of a minor.