Kisan Vikas Patra 2024: Definition, Eligibility, Interest Rate

  • June 14, 2024
  • Dushyant Sharma
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Kisan Vikas Patra (किसान विकास पत्र), which is also known as Indira Vikas Patra, is an Indian Government's initiative to encourage investors to save funds and secure their future. This scheme has been around for decades and many Indians have benefitted from it.


In this article, we will discuss Kisan Vikas Patra 2024, its definition, eligibility and interest rate. So if you want to know about Kisan Vikas Patra, make sure you read this article till the end.

What is Kisan Vikas Patra?

Kisan Vikas Patra is a savings certificate scheme which was launched by India Post in 1988. This scheme is designed for individuals who want a stable, long-term financial strategy without getting risk exposure. Indira Vikas Yojana is the other name of this scheme. This scheme guarantees the doubling of the investment amount within a period of 10 years, currently attainable in only 115 months (9 years and 7 months) providing an interest rate of 7.5%. You can buy Kisan Vikas Patra online by visiting the official website of India Post. If you want to buy Kisan Vikas Patra offline, visit your nearest post office. 


Since KVP was launched, it has played an important role in boosting the culture of savings and financial responsibility. It has actively contributed to financial inclusion of individuals and financial empowerment across India.


You may think that the scheme is just meant for farmers. Well, originally, that was the case. But now, KVP can be opted by anyone who meets the eligibility requirements.

What are the eligibility requirements for the Kisan Vikas Patra 2024?

If you’re interested in applying for the Kisan Vikas Patra 2024 scheme, you must fulfill the eligibility criteria first. If you meet the following eligibility requirements, you can apply for Kisan Vikas Patra:

● The applicant applying for this scheme must be an Indian citizen.
● If an individual is a minor, adults may be able to apply for the KVP certification on their behalf.
● The applicant applying for this scheme must be over 18 years of age. 

What are the different accounts under Kisan Vikas Patra?

There are three different types of accounts under the Kisan Vikas Patra scheme namely Single Holder Type, Joint A Type and Joint B Type. Let’s understand them.


Single Holder Type

A Single Holder Type Account can be opened by an adult for themself, or on a minor’s behalf or on behalf of an individual of unsound mind of whom they’re the guardian, or by a minor who is 10 years of age at least.


Joint A Type

Under a joint A Type Account, two distinct people may apply for the KVP certification. Therefore, each account holder will receive the payout upon maturity. Nonetheless, the other account holder will get the entire sum under extraordinary situations, such as the death of one of the holders. This suggests that one of the account holders will receive the money in this scenario on behalf of the deceased person as well. 


Joint B Type 

The Joint B Type Account has similarities to Joint A Type Account. But only one of the account holders will be eligible to get the payout when the account matures. By checking India Post’s official website, you can obtain additional information about it. 


You must carefully review the eligibility requirements and terms and conditions of this scheme before you may apply for any of these accounts. 

What are the Documents Required for Kisan Vikas Patra?  

If you want to apply for Kisan Vikas Patra, you need to furnish the following documents:

  • Form A 
  • Form A1 (If the application is submitted with the assistance of an agent) 
  • K-Y-C documents (Aadhaar/Passport/PAN card/Voter ID) 

You will require all these documents to obtain a KVP certificate. In case the certificate is lost or damaged, then a duplicate copy of the same can be requested from the same institution that provided you the original certificate.

What are Kisan Vikas Patra Benefits?

There are numerous benefits linked with Kisan Vikas Patra such as:

  • Promotes Long-term Savings: You can begin saving with as little as just Rs. 1000 with Kisan Vikas Patra. The amount you want to invest is not limited in any way. It is said that in a period of 9 years and 7 months (115 months in total), the value invested will be doubled. The Kisan Vikas Patra certificate itself declares the value that the holder would receive once the term comes to an end. 
  • Interest Rate is Fixed: The interest rate for Kisan Vikas Patra is fixed on the amount invested by you. Due to the fact that this is a government bond, the interest rate is secured and guarantees that the principal will double in 115 months.
  • Comes with 100% Security: Kisan Vikas Patra scheme is a Government-owned scheme, you do not have to worry about its authenticity and security. The returns are fixed under this scheme. As the amount you will receive will be declared on Kisan Vikas Patra certificate, you will have a sense of security regarding your investment and the amount which you’ll ultimately receive.
  • Benefits are not Transferable: Only the holder of the KVP certificate can avail its benefits unless the holder decides to get it transferred to another name. For this postmaster’s permission is required as well as certain formalities. Without the intentions of the owner for transfer, benefits cannot be availed by someone else. 
  • Premature Withdrawal is allowed: Although the KVP scheme is for 115 months, in case of an emergency it allows you for premature withdrawal of funds unlike many other schemes. However, premature withdrawal can only be encashed after a 2.5 year lock-in period.
  • Serves as a Collateral for Loan: The Kisan Vikas Patra Certificate can be used as a collateral for a loan. Most banks and financial institutions accept this certificate as a loan collateral.


Kisan Vikas Patra Yojana is a good investment scheme with little to no risk. An adult who is a resident of India can invest in the KVP scheme. There are different accounts under Kisan Vikas Patra which can be chosen based on requirements of individuals. In case someone is a minor, an adult can apply under the KVP scheme on their behalf. 


KVP, being a government-owned scheme, is completely reliable and secure. Therefore, you do not have to worry about the security of your invested amount. Many citizens of India have benefitted from the KVP scheme since its launch in 1988. It continues to be one of the most popular schemes in India.

Frequently Asked Questions (FAQs)

Q1. Who isn’t eligible for the Kisan Vikas Patra scheme?

A. Individuals must be at least 18 years old and residents of India. Hindu Undivided Family (HUF) and Non-Resident Indians (NRIs) are not eligible to invest in this scheme.


Q2. Is Kisan Vikas Patra scheme only for farmers?

A. Although Kisan Vikas Patra was initially launched for farmers, it is now available to all individuals.


Also Read About: PM Kisan Scheme and Beneficiary Status

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Dushyant Sharma
Author: Dushyant Sharma

Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.

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