The Department of Posts has introduced online account registration and closure for National Savings Certificates (VIII Issue) (NSC) and Kisan Vikas Patra (KVP) through DOP Online Banking in honour of “Azadi ka Amrit Mahotsav,” under the direction of the Ministry of Communications.
It is now possible to open and close National Savings Certificates (VIII Issue) and Kisan Vikas Patra online from the comfort of your home—you are no longer required to go to the nearest post office for the same. This feature is available under the “General Services” section of DOP Internet Banking.
How To Open NSC/KVP Account Online:
1. Access DOP Internet Banking.
2. Click on “Service Requests” in the “General Services” section and choose “New Requests.”
3. Choose one of the choices under “NSC Account – Open an NSC Account (For NSC)” or “KVP Account – Open a KVP Account (For KVP)” now.
4. Next, choose your debit account that is linked to the PO Savings Account and input the minimum deposit amount for NSC or KVP.
5. After reading and agreeing to the terms and conditions, click “Click Here” to submit the application online.
6. Type the transaction password in now, then click “Submit” to view/download the deposit receipt.
7. Users can log in once more and visit the “Accounts” area to check the specifics of the newly opened NSC account. The NSC will likewise be opened in the name of the DOP Online Banking user using the nominee listed in the associated PO Savings Account.
How to close NSC/KVP Account Online:
1. Access DOP Internet Banking.
2. Click on “Service Requests” in the “General Services” section and choose “New Requests.”
3. Select either “Closure of NSC Account (For NSC)” or “Closure of KVP Account (For KVP)” from the alternatives.
4. Next, choose the deposit account that you want to cancel as an NSC account or KVP account.
5. Choose the credit account that is associated with your PO Savings Account, then click “Submit Online.”
6. After successfully completing the application, you can view or download the closing receipt; input the transaction password now.
Here are some important points to remember in light of the formal notification DOP sent on 18th August.
1. To access the information of NSC closed Accounts, log out and then log back in.
2. This option allows you to close NSC/KVP purchases made on or after 01.07.2015 (i.e., in the form of a passbook).
3. Savings certificates issued as NSC/KVP before July 1, 2016, must be closed at the post office in question.
4. Before submitting the request, Internet Banking users should verify the maturity date and maturity amount in the closure page. If the date of closure for a KVP is earlier than the maturity date, the closure will be considered premature, and the closing proceeds will follow the Scheme Rule.
About NSC and KVP:
The interest rate on 5-Year National Savings Certificates (NSC) is 6.8% compounded annually and payable at maturity. An NSC account must be opened with a minimum deposit of Rs. 1000 and deposits in multiples of Rs. 100 with no upper limit. However, Kisan Vikas Patra’s (KVP) interest rate would stay at 6.9% yearly compounded. To start a KVP account, one must deposit a minimum of Rs. 1000 in multiples of Rs. 100 with no upper limit.