KVP ISSUE / OPENING OF ACCOUNT

KVP  ISSUE :

Type of accounts.-

(i) Following types of accounts can be opened under the Scheme, namely:-

(a) A Single Holder Type Account may be opened by an adult for himself, or on behalf of a minor or a person of unsound mind of whom he is the guardian; or by a minor who has attained the age of ten years;

(b) Joint A- Type Account may be opened jointly in the names of upto three adults payable to a the holders jointly or to the survivor or survivors;

(c) Joint B-Type Account may be opened jointly in the name of upto three adults payable to any of the account holders or to the survivor or survivors.

(d)There shall be no limit of opening of number of accounts by an account holder.

Deposit :

Minimum amount for opening of account under KVP scheme 2019 shall be Rs.1000/- and for opening of account for more than minimum amount, the amount shall be in multiple of Rs. 100/-.

KVP 2019 Rules shall be applicable to all KVPs issued under KVP  Rules  2014 also. 

Click here for  SB Order No. 5/2020

KVP accounts can be opened in online mode using POSB Net banking.  As per SB Order No. 13/2022, the facility has been provided under General Services Tab in Net Banking.  Only DOP Net banking user can open KVP accounts online.  The Nominee will be the same as registered in the linked SB account.  

Click here for SB Order No. 13/2022