Transfer Kisan Vikas Patra Account

The Kisan Vikas Patra is a Post Office Scheme that was introduced to encourage long-term savings and financial planning, especially for farmers and rural communities. It is a fixed investment scheme where you can deposit a lump sum amount for a fixed maturity period of 10 years at an interest rate of 7.5% p.a. You can invest a minimal amount of ₹1000, making it easily accessible for all individuals including minors.

The Post Office has also made the transfer of the Kisan Vikas Patra account easy and convenient. You can check out the details on how to transfer your account below.

Shifting Kisan Vikas Patra Account

Life situations may change and you may need to move to a different address, for this, the Kisan Vikas Patra Account can be transferred easily from one post office to another. The account can also be transferred from one person to another under certain conditions. Below are the steps on how to transfer your account from one Post Office to another and from one person to another.

Kisan Vikas Patra Account Transfer to Another Post Office

The transfer of the Kisan Vikas Patra Account from one Post Office to another is a simple process to ensure a smooth transfer of the account. Here are the steps to transfer Kisan Vikas Patra account:

Step 1: Visit the Post Office where your KVP account is held.

Step 2: Request a transfer of your account from that Post Office to the other.

Step 3: Fill out the transfer request form with all the necessary details including the KVP account number, personal information, and the address and other details of the Post Office you wish to transfer the account.

Step 4: Submit the required documents like an Aadhaar Card, PAN Card, or other Government-issued ID.

Step 5: You can then submit the request to the Post Office officer along with the documents for verification.

Step 6: The Post office will then verify the transfer request along with the documents provided. Once it is done, they will confirm the verification.

Step 7: The Post office will then begin the Kisan Vikas Patra account transfer process to the designated Post Office.

Step 8: Once it is successful, you will receive the acknowledgment or receipt to confirm your transfer to the new location.

Kisan Vikas Patra Account Transfer to Another Person

Transfer of Kisan Vikas Patra account from one person to another can be done under specific conditions. These conditions include:

• On the death of the account holder: In case the account holder dies, the account will be transferred to the nominee or legal heir as specified by the account holder
• On the death of one account holder in joint accounts: If the account is a joint account, and one holder passes away, the account will be transferred to the sole remaining joint account holder.
• Court order: In case of pledging the account, the court may issue an order to transfer the Kisan Vikas Patra account from the holder to another individual or entity as per the court’s direction.
• Pledging of account: The KVP account can also be pledged or transferred as security. If the account is pledged, the transfer can be done once the pledging requirements are met.

Quick Tip: To check the maturity amount of Kisan Vikas Patra, you can use a KVP Calculator.

Steps to Transfer KVP Account from Person to Person

If the conditions to transfer the account are met, you can follow the steps below to begin the process:

• Step 1: Submit a written application to the Post Office where the account is currently held. The application should have a detailed reason for transfer i.e, whether it is due to death, court order, etc.
• Step 2: You should also provide the necessary documents as per the reason for the transfer for the Post Office to verify and comply with the transfer. There may be additional verification steps you should go through, depending on the nature of the transfer.
• Step 3: Upon successful verification and approval, the Post Office will process the Kisan Vikas Patra account transfer to the new owner. The account holder will then receive confirmation of the transfer, acknowledging the ownership change.

Kisan Vikas Patra Account Transfer by Pledging

In case of a medical emergency or an urgent need for financial aid, the Post Office also allows you to transfer your KVP account as security. This flexibility helps you get the financial aid you require with the KVP account acting as collateral. Here are the conditions for pledging your Kisan Vikas Patra as well as the steps to transfer the account:

Conditions to pledge your account:

The account can be pledged or transferred as security to the following authorities:

• The President of India or the Governor of a State.
• The Reserve Bank of India (RBI) or a Scheduled Bank or a Cooperative Society, including a Cooperative Bank.
• A public or private corporation or a Government company.
• A local authority.
• A housing finance company approved by the National Housing Bank and notified by the Central Government.

Steps to transfer Kisan Vikas Patra Account As Security

Given below are the steps to transfer or re-transfer the Kisan Vikas Patra account as security:

Step 1: You will be required to fill out and submit Form 4 at the concerned Post Office. You should also submit the acceptance letter from the pledgee to show their acknowledgment to accept the account as security.

Step 2: After submission, the Post Office officer will endorse the savings certificate as well as the account records as ‘Transferred as security to…’

Step 3: The person or entity to whom the account is transferred will then be considered as the depositor of the account until the account is re-transferred back or the pledge conditions are met.

Step 4: The account can then be re-transferred back to the original depositor after the transferee ( The person or entity to whom the account is transferred ) provides a written consent. After which, the Post Office officer will endorse the account records and certificate as ‘Re-transferred to…’

Step 5: A special provision for the transfer is that for accounts opened on behalf of a minor or a person of unsound mind or a blind person or a person with physical infirmity, the account can only be transferred if the guardian or authorized literate individual certifies that the transfer is for the benefit of the minor, person of unsound mind, blind person or a person with physical infirmity.

Kisan Vikas Patra Account Transfer Form

To transfer Kisan Vikas Patra account from one Post office to another, you will need to fill out ‘Form B’ and submit it to the current Post Office that has your account. The form is given below for your convenience.

Documents Required to Transfer Kisan Vikas Patra Account

The documents required to transfer Kisan Vikas Patra are:

• Duly filled Form B.
• Identity proof
• Address proof
• The original copy of the Kisan Vikas Patra certificate
• An application signed by the account holder confirming the transfer.

Check out more on Kisan Vikas Patra from the link below: