online account opening and closure for NSC (VIII Issue) and Kisan Vikas Patra (KVP) have been introduced.

SB Order No. 13/ 2022

F. No. FS-13/7/2020 -FS
Government of India
Ministry of Communications
Department of Posts
(FS Division)

Dak Bhawan, New Delhi-110001
Dated: 18.08.2022

To,
All Head of Circles / Regions

Subject: Regarding introduction of the online account opening and closure through DOP Internet Banking for National Savings Certificates (VIII Issue) and Kisan Vikas Patra.

Madam / Sir,

During the auspicious occasion of ‘Azadi ka Amrit Mahotsav’, the undersigned is directed to say that online account opening and closure for National Savings Certificates (VIII Issue) (NSC) and Kisan Vikas Patra (KVP) have been introduced in DOP Internet Banking. Now users of DOP Internet Banking can open and close NSC and KVP online.

2. The option for opening and closing of National Savings Certificates (VIII Issue) Kisan Vikas Patra is available under the ‘General Services’ tab of DOP Internet Banking. Internet Banking user should follow the below prescribed procedure for opening and closure of NSC/KVP:

(a) Procedure for opening of NSC/KVP: –

• Login into DOP Internet Banking
• ‘General Services’
• ‘Service Requests’
• ‘New Requests’
• NSC Account – Open a NSC Account (For NSC) and KVP Account – Open a KVP Account (For KVP)
• Deposit Amount (Enter Amount for which NSC to be opened minimum & 1000 and in multiple of = 100)
• Debit Account (Select linked PO Saving Account)
• Click on ‘Click Here’ to read terms and conditions and accept terms and conditions
• Submit online
• Enter Transaction Password
• Submit.
• View/Download Deposit Receipt.

Note: – (i) Log in again to view the details of NSC opened under ‘Accounts’.
(ii) NSC will be opened in the name of DOP Internet Banking user and nominee will be same as registered in linked PO Savings Account.

(b) Procedure for Closure of NSC/KVP: –

• Login into DOP Internet Banking
• General Services
• Service Requests
• New Requests
• Closure of NSC Account (For NSC) and Closure of KVP Account (For KVP)
• Deposit Account (Select NSC account/KVP Account to be closed)
• Credit Account (Select linked PO Saving Account)
• Submit online
• Enter Transaction Password
• Submit.
• View/Download Closure Receipt.

Note: (i) Logout and login again to view the details of NSC closed Accounts.
(ii) NSC/KVP purchased on or after 01.07.2016 (i.e. in the form of passbook) can be closed under this option.
(iii) NSC/KVP issued prior to 01.07.2016 in the form of savings certificates are to be closed at the post office concerned.
(iv) Internet Banking user should check maturity date and maturity amount in the closure screen before submitting the request. In case of KVP, if date of closure is prior to maturity date, closure will be treated as premature and closure proceeds will be as per the Scheme Rule.

3. It is requested to circulate these instructions to all post offices for information and guidance. Adequate promotion of this functionality is to be given for the benefit of POSB customers.

4. Hindi version of this SB order will be issued in due course.

5. This issues with the approval of the competent authority.

Yours Sincerely,

(Devendra Sharma)
Asst. Director (SB-IT)

Download the online account opening and closure through DOP Internet Banking for NSC (VIII Issue) and KVP PDF

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22 Mar,2018

The revised Rates of Interest on various Small Savings Schemes Including Saving Deposits, Public Provident Fund, Kisan Vikas Patra and Sukanya Samriddhi Accounts Scheme for the 4th Quarter of financial year 2017-18 is as below:

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha.

Source : PIB

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F.No.2/4/2014-NS.II
Ministry of Finance
Department of Economic Affairs
(Budget Division)

North Block, New Delhi
Dated: 15.09.2017

Subject: Revision of commission payable to SAS agents on Kisan Vikas Patra (KVP).

In partial modification of the instructions issued vide this Department’s O.M. of even no. dated 01.07.2015, the undersigned is directed to convey that the rate of commission payable to the authorised agents under the Standardised Agency System (SAS) for securing investment in Kisan Vikas Patra is revised from 1.0% to 0.5% with immediate effect.

2. This has the approval of Finance Minister.

Sd/-
(Padam Singh)
Regional Director (Sr.)

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The government will soon launch the revamped Kisan Vikas Patra (KVP) besides some new saving instrument programmes for the girl child as well for the physically challenged person, a senior finance ministry official said today.

“We are going to launch the revamped Kisan Vikas Patra (KVP) soon again in the form of saving instrument,” Rajat Bhargava, Joint Secretary (Budget) in the ministry finance said at an event here.

“Similarly, the government of India is also going to launch some new saving instrument programmes for girl child as well as for the physically challenged person who has not been covered so far (under the programme),” Bhargava added.

Finance Minister Arun Jaitley, in the Budget speech, had said he will re-introduce the KVP, which was a very popular instrument among small savers.

“I plan to reintroduce the instrument to encourage people, who may have banked and unbanked savings to invest in this instrument,” Jaitley had said.

The KVP was discontinued by the UPA government in 2011 following the Shyamala Gopinath Committee report. It had suggested that KVPs may be discontinued as they are prone to misuse.

KVP was a popular saving scheme that doubled the money invested in eight years and seven months. The government sold these saving bonds through Post Offices in the country.

The new government has identified financial inclusion and access to formal financial channels as a priority area and the reintroduction of KVP is seen as furthering this objective.
Source : The Economic Times

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Kisan Vikas Patra (KVP) is being re-introduced to encourage people, who may have banked and unbanked savings to invest in this instrument. Announcing this during his maiden Budget Speech in the Lok Sabha today, the Finance Minister Shri Arun Jaitley said that KVP was a very popular instrument among small savers and is being re-introduced to promote saving.

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