On the occasion of ‘Azadi Ka Amrit Mahotsav’, the post office announced the launch of online account opening and closing for National Savings Certificate (VIII Issue).NSC) and Kisan Vikas Patra (KVP) in DOP Internet Banking. The Department of Posts made this announcement through 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 compound annual interest rate for the quarter ended 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 small savings schemes of India Post. An adult, minor or a trust can open NSC. The NSC interest rate for the quarter ended September 30, 2022 is 6.8%, which is compounded annually. The account will mature after five years from the date of deposit.

Here is a look at how one can open NSC or kvp account Online by using the Internet Banking service of India Post, as per the notification of the Department of Posts.

How to Open NSC, KVP Online through Post Office Internet Banking

Step 1: Login to DOP Internet Banking.

Step 2: Under ‘General Services’ > ‘Service Requests’ > ‘New Requests’.

Step 3: Click on NSC Account – To open KVP account, open NSC account and KVP account.

Step 4: Enter the amount for which the minimum NSC to be opened is Rs 1000 and in multiples of Step 5: Select the PO Savings Account linked to the Debit Account.

Step 6: Click on ‘Click Here’ to read the Terms and Conditions and accept the Terms and Conditions.

Step 7: Submit Online

Step 8: Enter the transaction password and submit.

Log in again to view the details of NSCs opened under ‘Accounts’.

Here is how you can close NSC or KVP account using internet banking facility.

How to close NSC/KVP online

Step 1: Login to DOP Internet Banking.

Step 2: Under ‘General Services’, click on ‘Service Requests’ > ‘New Requests’.

Step 3: Click on NSC account closure for NSC and KVP account closure for KVP.

Step 4: Select the NSC account or KVP account to be closed and link the account to be deposited with the PO Savings Account.

Step 5: Submit Online

Step 6: Enter the transaction password and submit.

According to the Department of Posts (DOP), below are the important points to note:

• Log out and login again to view NSC closed accounts details
• NSC/KVP (i.e. in passbook form) purchased on or after 01.07.2015 can be closed under this option.
• NSC/KVP issued before 01.07.2016 in the form of Savings Certificate to be sealed at the concerned post office.
• Internet Banking user should check the maturity date and maturity amount in the closure screen before submitting the request. In case of KVP, if the date of closure is earlier than the date of maturity, then the closure will be considered as premature and the proceeds of closure will be as per the rules of the scheme.
• NSC DOP Internet Banking will be opened in the name of the user and the nominee will be the same who is registered in the linked PO Savings Account.