On the occasion of ‘Azadi ka Amrit Mahotsav,’ the Post Office announced the introduction of online account opening and closure for National Savings Certificates (VIII Issue) (NSC) and Kisan Vikas Patra (KVP) in DOP Internet Banking. The Department of Post made this announcement via a notification issued on August 18, 2022.
This means that post office customers who have registered for internet banking can now open and close NSC and KVP online.
KVP
Kisan Vikas Patra, or KVP for short, is a savings program offered by India Post. The compounded annual interest rate for the quarter ending September 30, 2022 is 6.9%. The maturity period of an account is nine years and five months from the date of deposit.
NSC
National Savings Certificates, or NSCs, are savings bonds available through India Post’s small savings schemes. An adult, a minor, or a trust can open an NSC. The NSC interest rate for the quarter ending September 30, 2022 is 6.8%, compounded annually. The account will mature after five years from the date of deposit.
Here is a look at how one can open an NSC or KVP account online using the India Post’s internet banking service, as per the Department of Post notification.
How to open NSC, KVP online in through Post Office internet banking
Step 1: Login into DOP internet banking .
Step 2: Under ‘General Services’ >’Service Requests’ > ‘New Requests’ .
Step 3: Click on NSC Account – Open a NSC account and KVP Account to open a KVP account.
Step 4: Enter Amount for which NSC to be opened minimum is Rs 1000 and in multiple of 100) .
Step 5: Select the Debit Account linked PO Saving Account
Step 6: Click on ‘Click Here’ to read terms and conditions and accept terms and conditions .
Step 7: Submit online
Step 8: Enter transaction password and submit.
Log in again to view the details of NSC opened under ‘Accounts’.
Here is how you can close the NSC or KVP account using the internet banking facility.
How to close NSC/KVP online
Step 1: Login into DOP internet banking .
Step 2: Under ‘General Services’, click on ‘Service Requests’ > ‘New Requests’ .
Step 3: Click on closure of NSC Account for NSC and closure of KVP Account for KVP .
Step 4: Select NSC account or KVP account to be closed and the account to be credited that is linked PO Saving Account.
Step 5: Submit online
Step 6: Enter transaction password and submit.
According to the Department of Posts(DoP), below are important points to note:
- Logout and login again to view the details of NSC closed Accounts
- NSC/KVP purchased on or after 01.07.2015 (i.e. in the form of passbook) can be closed under this option.
- NSC/KVP issued prior to 01.07.2016 in the form of savings certificates are to be closed at the post office concerned.
- lnternet Banking user should check maturity date and maturity amount in the closure screen before submitting the request. ln 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.
- NSC will be opened in the name of DOP lnternet Banking user and nominee will be same as registered in linked PO Savings Account.
