Kisan Vikas Patra Scheme

1. What is Kisan Vikas Patra Scheme?

Kisan Vikas Patra Scheme (KVP) was launched in 1988 and later in 2014-15 to assist poor, defenceless, rural, and tribal families that lacked access to mainstream banking and financial systems. The fact that it was designed to assist farmers in saving for the future gives Kisan Vikas Patra its name. No distinction is made between participants from urban and rural regions under the Scheme.

2. Write Basic Features of Kisan Vikas Patra Scheme?

KVP are offered in denominations of 1000, 5,000, 10,000, and 50,000 rupees and investments in KVP are not subject to a maximum amount. The Kisan Vikas Patra Scheme matures after 124 months, or 10 years and 4 months. In 124 months, the investment is doubled. In the event that Person XYZ invests Rs.20,000, the sum will rise to Rs.40,000 after 124 months. The investment time frame is flexible.

3. Mention the Different Types of Kisan Vikas Patra.

The following types of Kisan Vikas Patra are

• Single Holder Type Certificate: This kind of KVP is given to an adult acting on their own behalf or on behalf of a juvenile. 
• Joint A Type Certificate: This type of KVP is payable to both the owners and the survivor and is provided to two individuals jointly.
• Joint B Type Certificate: This type of KVP is payable to either one of the owners or the survivor and is issued jointly to two people.

4. What is the Meaning of Kisan Vikas Patra Scheme?

Farmers are referred to as Kisan in Hindi, whereas development is referred to as Vikas and certificates as Patra. The fact that it was designed to assist farmers in saving for the future gives Kisan Vikas Patra its name.

5. What are the Benefits of the Kisan Vikas Patra Scheme?

The following are the benefits of Kisan Vikas Patra Scheme:

• Given that Kisan Vikas Patra Scheme is a government initiative and investors get promised returns.
• The programme offers variable denominations ranging from 100 rupees to a maximum of 50,000 rupees.
• KVP offers the same interest rate throughout the year and is a risk-free investment.

Kisan Vikas Patra Scheme: Kisan Vikas Patra Scheme (KVP) was launched in 1988, to assist poor, vulnerable, rural, and tribal families that lacked access to mainstream banking and financial systems. Farmers are referred to as Kisan in Hindi, whereas development is referred to as Vikas and certificates as Patra. The fact is that it was designed to assist farmers in saving money for the future. No distinction is made between participants from urban and rural regions under the scheme. It was successful in the beginning, but in 2011 it was abandoned as it may be used for money laundering. To address public demand and to resurrect little savings, the Finance Minister declared in 2014–15 that Kisan Vikas Patra (KVP) will be reinstated. This was reintroduced on November 18, 2014, with effect.

In this article, you will read about the Kisan Vikas Patra Scheme, its features, types, eligibility, maturity period, benefits, etc.