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Features
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Returns
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KVP Scheme doubles money in eight years and seven months.
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Investment Limitation
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Min Amount Rs.
100/- and additional investment in multiples of Rs. 100/-.
Max Amount No Limit
Denominations Rs. 100/-, 500/-, 1,000/-, 10,000/-,
50,000/-.
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Scheme Availability
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All through the year.
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Mode of Operation
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- Single
- Joint
(Two or more)
- Minor
with parent/guardian
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Tenure of Investment
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Money doubles in 8 years & 7 months.
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Nomination
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Facility is available at the time of opening the account
or anytime during the tenure of the investment.
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Premature Encashment
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Premature encashment is permitted after 2.5 years from
the date of investment. Lower interest accrued, if prematurely
withdrawn.
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Maturity
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On providing proper identity and by simple discharge of
the certificate on the reverse.
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Loss of Certificate
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If the loss is due to theft, fire or the certificate is
mutilated, a duplicate certificate is issued after proper
verification.
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Tax Benefits
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No Tax benefits are available for investments in this
scheme under the Income Tax Act
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Tips for Investing
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- A
good investment instrument for all retired persons who would
require the money at a later date and for those who do not have
taxable income.
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Terms
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Denominations
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The certificate is issued in denominations of Rs. 100/-,
500/-, 1,000/-, 5,000/-, 10,000/- & 50,000/- and any other
denomination as may be announced by the Central Government.
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Eligibility for KVPs
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KVPs are issued to Individuals, Joint (two or more) and
Minor with Parent/Guardian.
There is a further classification when the certificate is issued to
Joint holders -
Type 'A' - maturity is payable to both the holders or the
survivour.
Type 'B' - maturity is payable to either or survivor.
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Purchase of Certificate
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Any individual or including body corporate can purchase a
KVP by applying to the Post Office through a representative or an
agent. Payments can be made in cash, cheque or DD or by raising a
debit in the savings account held by the purchaser in the Post
Office.
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Issue of Certificate
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The issue of certificate will be subject to the
realization of the cheque, payorder, DD. The date of the certificate
will be the date of realization or encashment of the cheque. On
request from the purchaser the Post Office will issue an identity
slip along with the certificate. The identity slip shall be signed
by the holder / holders and retained by them. This is to facilitate
the purchaser to get a duplicate certificate from loss of the same
and also to ensure a smooth encashment of the certificate on
maturity.
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Duplicate Certificate
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A duplicate certificate is issued to the holder by the
Post Office if he / she reports a loss of the certificate arising
out of theft, mutilation, defacement. If the application is made to
any other Post Office other than the issuing Post Office the Post
Office will forward the application to the originating Post Office.
The application will have the details of the certificate number,
amount, date of purchase / maturity etc. and the circumstances
resulting in the loss of the certificate. In such case the identity
slip comes handy for a duplicate certificate. Upon satisfactory
verification of the supportings the Post Office will issue a
duplicate certificate. The holder will have to furnish an indemnity
bond / declaration / bank verification on demand by the Post Office
as a fulfillment condition for issue of a duplicate certificate.
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Nomination
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The single holder or joint holders of a certificate as
the case may be, may, by filing in necessary particulars 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 amount due thereon. 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 to the Postmaster of the office
at which the certificate stands registered. Only one nominee is
allowed for a certificate which is below Rs.500. Nomination facility
is not allowed for or on behalf of minor. A nomination made by the
holder or holders of a certificate can be changed or cancelled by
submitting an application affixing a revenue stamps of the value of
Rs.1/- on every application made with the certificate to the
postmaster of the Post Office at which the certificate was
purchased. However a separate application for registering a
nomination or cancellation must be made for certificates purchased
on different dates. There is no fee for any nomination made for the
first time. The nomination or the cancellation of a nomination or
the variation of a nomination shall be effective from the date it is
registered in the Post Office, which shall be noted on the
certificate. If any nomination is not registered 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 to the Postmaster of the office
at which the certificate stands registered. The clause that the
money arising out of the maturity proceeds may be paid to the
nominee mentioned in the certificate in the event of death of a
single / joint holders or surviving joint holder has to be
incorporated at the time of purchasing the certificate.
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Encashment
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KVPs are encashable only at the issuing Post Office. In
the event of the certificate being presented for encashment at any
other Post Office the paying Post Office will insist on the identity
slip issued to the holder at the time of purchase which should be
provided.
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Transfer from one Post Office to another
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A certificate may be transferred from one Post Office
from where it was purchased to any other Post Office from the holder
or holders by making an application in the form laid down by the
Director General Posts at either of the two Post Offices. The
application shall be signed by the holder or holders provided that
in the case of joint type certificate, the application may be signed
by one of the holders if the other is dead.
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Transfer from one person to another
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A
certificate may be transferred from one person to another on consent
in writing of an application to the officer of the Post Office as
specified below -
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- The
transfer of cases in which transfer can be sanctioned by Head
Postmaster or Sub Postmaster of the Post Office where the
certificate was issued.
- From
an employer to an employee on whose behalf it was purchased.
- From
a Co-operative Bank / Society, the Reserve Bank of India or a
Scheduled Bank to its client / member or from a Gazetted
Government Officer or from a local authority to a person or body
or fund on whose behalf the certificate is held, when the
certificate was not issued in the name of such person or body or
fund.
- From
the name of a deceased holder to his heir.
- From
a holder to a court of law or to any other person under the
orders of a court of law.
- From
a single holder to joint holders.
- From
joint holders to the name of one of the joint holders or
surviving holder.
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An
authorised Postmaster shall give his consent to the transfer of a
certificate only if the following conditions are satisfied, namely :
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1. The transfer of the certificate is effected after its
completion of one year from the date of issue of the certificate or
where the transfer is effected before this period.
2. Transfer
is to a natural relative or is out of natural love and affection.
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